Whales Are Selling Off Their Bitcoin Assets

The merge came and went, leaving BTC the same way it met it while altcoins recorded price changes. Data from Coinmarketcap shows Bitcoin currently trading at $19,998, with a 0.58% increase in 24 hours.

The price range in 24 hours moved from $19,400 to $20,021. There was a fall of 4.53% in trading volume to $29,493,141,493.

On-chain Analysis

On-chain analysis shows that the bulls have not entirely taken control of the market. The bears are still the dominant force moving the market. There will obviously be a rally for Bitcoin in weeks to come.

Data from market analyst, Santiment, shows that there has been a rally in trading activities. From September 7th to September 14th, the selling pressure reached a new high. Over 1.69million BTC was moved from whales’ holdings to exchanges.

Santiment confirms this is the highest trading volume recorded ever since October 2021. A spike in this volume shows a downward trend; investors are selling. With this downward trend, Bitcoin might not see that anticipated bull run soon. 

CryptoQuant reported that the reading from the Consumer Price Index United States saw a surge in the exchange platforms. A lot of dumping and sell-offs in this exchange. This sell-off caused a 10% drop in the price of Bitcoin.

CryptoQuant reported that most of the sell-off to this exchange was mainly from Coinbase to Huobi. There were also transactions made from a three-month-old whale wallet.

The Market Is Bearish

When whales buy bulk crypto assets and hold them, there is a positive trend in the market. At times like this, the one-chain metrics show a good time for investment and a bull run. The more holdings and buys, the better it does to the price.

However, when whales move large assets from their wallet to an exchange, there is a dip in price. This has been the case for days. Whales are selling off and moving their funds to exchanges.

This bear market has caused a lot of consolidation among investors, especially whales. Projections are made that BTC would still go down past the $17,000 mark. Investors are very intentional about playing it safe.

Investors lost a lot of money since the $69,000 dip because some believed it to go up to $100,000. However, that didn’t happen as it dipped severely. Investors are more cautious of trading and jump at every little opportunity to save profit and capital.