Is the selling pressure of Bitcoin whales decreasing?

Recently, Bitcoin (BTC) price movements have attracted the attention of investors. After nearly a month of heavy selling by Bitcoin whales, it has been observed that the selling pressure has noticeably decreased in the first days of October. This situation may signal that investors evaluate buying opportunities in the market.

Data shared by a CryptoQuant analyst reveals that there has been a significant slowdown in the selling trend of Bitcoin whales. It is emphasized that the continuous sales by whales over the past month have created considerable pressure on the market price. However, it has been noted that this selling momentum has slowed down with the arrival of October.

The data was obtained from an indicator that measures the amount of Bitcoin held by whales with a 30-day change rate. A shift to a negative reading in this metric indicates that whales are actively selling; conversely, approaching positive values suggests the beginning of a reaccumulation phase. While there was a significant decrease in the balances of whales during September 2023, the slowdown in the rate of this decline in recent days is noteworthy.

The question of whether whales have transitioned back into an accumulation phase is critical for investors. According to the CryptoQuant analyst, the red area on the chart signifies a period of intense selling, while the contraction in the purple area indicates that selling pressure has lessened. This situation suggests that the market may be signaling a transition from selling to accumulating. The analyst states that although whales have been net sellers over the last month, the pressure has significantly eased with the onset of October, indicating an increased possibility of recovery for Bitcoin in the short term.

In short, with the slowdown of sales, signs that whales have resumed accumulation are strengthening. If this situation continues, it appears feasible to support short-term upward movements in Bitcoin's price. Investors have entered a critical period where they need to carefully monitor the market's direction and price movements.