Glassnode: Are Old Whales Selling Bitcoin?

Recent discussions around the volatility of Bitcoin prices and the sales by old large investors continue to attract the attention of investors. These Bitcoin sales, particularly when combined with profit-taking processes of long-term investors, lead to various interpretations. However, an analysis by Glassnode reveals that these narratives are exaggerated.

Glassnode conducted a detailed examination of the topic of "OG whales selling" in the Bitcoin market and noted that the data actually presents a more balanced picture. The firm emphasized that the increase in profit-taking by long-term investors is consistent with historical norms, explaining that the profit sales conducted by older investors following the breaking of Bitcoin’s all-time high (ATH) are in line with historical standards.

According to Glassnode’s data, daily average sales have risen from 12.5 thousand Bitcoin at the beginning of July to 26.5 thousand Bitcoin currently. This increase indicates that the selling pressure from older investor groups is consistently rising. The movements of "OG" wallets that have held Bitcoin for over 7 years also support this situation.

According to Glassnode's statements, the behaviors of these large wallets that spend over 1,000 Bitcoin hourly are not unique to this bull cycle. Similar movements have been observed during each major bull period in the past, while the more frequent occurrence of these movements today draws attention. However, this should not be interpreted solely as a “collapse signal,” it is stated.

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