Selling Pressure Builds on Bitcoin, Whales Take Action

While the price of Bitcoin continues to be stuck at 112 thousand dollars, it is observed that sales by both small investors and whales in the market create significant pressure. The most notable development in the cryptocurrency world in recent days has been the movement of different investor groups towards sales.

According to Glassnode data, all wallet groups, from small investors holding less than 1 Bitcoin to giant whales holding more than 10,000 Bitcoin, have entered the distribution process. In particular, the largest whales are taking a more aggressive stance towards sales. The situation is also changing for long-term holders. The proportion of supply that has not moved in the last year has fallen from 70% to 60%.

The proportion of supply that has not moved for more than two years has fallen from 57% to 52%. This suggests that investors who bought around $69,000 at the peak of the previous cycle, November 2021, and increased their positions at the bottom of $15,500 in 2022, may be turning to profit realization. However, it is noteworthy that investors who have held Bitcoin for 5 years or more have maintained their positions and have not sold.

In this period when Bitcoin moved sideways in the range of 110 thousand - 120 thousand dollars, while some long-term investors realized their profits, strong sales by whales limit the upward movement of the market. On the other hand, gold and US stocks continue to hover near their historic highs. This requires investors to keep a close eye on Bitcoin price fluctuations.