🔥 Key Takeaways
- Bitcoin whales holding 10k-100k BTC have offloaded 36,500 BTC in December, totaling approximately $3.37 billion.
- Despite the significant sell-off, Bitcoin’s price has remained relatively stable within the $85,000-$94,000 range.
- Analysts are keeping a close eye on exchange inflows and a potential retest near $80,400.
- ETF inflows have returned, and holders of 100-1,000 BTC have been adding to their positions.
Bitcoin Whales Unload $3.37 Billion Worth of BTC in December
Bitcoin’s price has been trading sideways in the past few weeks, maintaining a relatively stable range of $85,000-$94,000. However, a closer look at on-chain activity reveals that Bitcoin whales holding 10k-100k BTC have been actively selling their holdings, offloading a total of 36,500 BTC in December alone.
The total value of the sold BTC is approximately $3.37 billion, which is a significant amount considering the current market conditions. Despite this substantial sell-off, Bitcoin’s price has remained relatively stable, raising questions about the potential impact of whale activity on the market.
Analysts are closely monitoring exchange inflows, which could indicate a potential retest of the $80,400 level. If this support level holds, it could provide a buying opportunity for investors looking to enter the market. On the other hand, a break below $80,400 could lead to further downward pressure on the price.
Interestingly, ETF inflows have returned, and holders of 100-1,000 BTC have been adding to their positions. This suggests that institutional investors and smaller whales are still bullish on Bitcoin’s long-term prospects, despite the recent sell-off by larger whales.
At the time of writing, Bitcoin’s price was $89,646, with the market eagerly awaiting the next move. Will the price break out of the current range, or will it continue to trade sideways? Only time will tell, but one thing is certain – the activity of Bitcoin whales will be closely watched in the coming days and weeks.
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