Glassnode: Are Old Whales Selling Bitcoin?

Recent discussions around the volatility of Bitcoin prices and the sell-offs by former large investors continue to attract the attention of investors. Bitcoin sales, especially in conjunction with the profit-taking processes of long-term investors, are leading to different interpretations. However, an analysis by Glassnode reveals that these narratives are exaggerated.

Glassnode conducted a detailed examination of the topic of "OG whales' sales" in the Bitcoin market and stated that the data actually presents a more balanced picture. The firm emphasized that the profit-taking by long-term investors is on the rise and that the sales are in line with historical norms when compared to past cycles. The analysis noted that the profit sales conducted by older investors following the break of Bitcoin's all-time high (ATH) are consistent with historical standards.

According to Glassnode's data, daily average sales, which were around 12,500 Bitcoin at the beginning of July, have now risen to 26,500 Bitcoin. This increase indicates a steady rise in the selling pressure from older investor groups. The movements of "OG" wallets that have held Bitcoin for 7 years or more also support this situation.

According to Glassnode's explanations, the behaviors of these large wallets that spend over 1,000 Bitcoin hourly are not unique to this bullish cycle. Similar movements have been observed in every major bull period in the past, while the more frequent occurrence of these movements today is noteworthy. However, it is emphasized that this should not be interpreted solely as a "crash signal."

Ultimately, Glassnode conveys that contrary to the dramatic narratives spreading on social media, the behaviors of long-term investors are still in line with historical norms and that the market is digesting its natural cyclical distribution process. This indicates that investors should adopt a more conscious and careful approach to this currency.