Bitcoin Whales Are Actively Selling Their Holdings: On-Chain Data

The variety of giant Bitcoin addresses on the community has reached a three-month low in accordance to on-chain data furnished by using Glassnode analytical service. The cost is currently at September 2021 levels.

Number of addresses protecting extra than one hundred coins

The wide variety of unique addresses that are maintaining a hundred or more coins has dropped to October levels, which indicates that the majority of the market is no longer inclined to counter-trade the asset and join the endure market.

While we are presently observing low exchange inflows degrees into Bitcoin, the quantity of money in USDT that the alternate is presently receiving stays relatively high in contrast to the duration when Bitcoin was once buying and selling close to $60,000.

The metric tends to exhibit almost a entire correlation with Bitcoin’s price, as the number of wallets that are retaining the asset is more probable tied to its performance, which has no longer been fantastic in the closing few weeks.

Bitcoin drops even further

Due to accelerated selling pressure on Bitcoin, the asset has lamentably dropped further, inflicting some other cascade of long position liquidations. In addition to Bitcoin, large-capitalization altcoins have additionally dropped further, dropping up to 50% of their values.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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