Over the last week, the price of the leading cryptocurrency, Bitcoin (BTC), has increased by 3.3%. During this time, significant holders have sold more than $2.2 billion worth of BTC on the market, bringing its year-to-date performance to 119%.
Popular cryptocurrency researcher Ali Martinez claims that after transferring almost 60,000 BTC worth about $2.22 billion, following a 30-day surge of 34.8% for the cryptocurrency, Bitcoin whales have begun realising their winnings over the past week.
Santiment, a cryptocurrency analytics company, provided Martinez with on-chain data for his investigation.
Bitcoin Whales Unload $2 Billion as Prices Surge 30% in a Month,Bitcoin Whales Unload $2 Billion as Prices Surge 30% in a Month
The US Department of Labor’s data, which showed that last month’s inflation pressures lessened nationwide and that core consumer prices—which do not include food and energy—dropped to their lowest level in two years, raised doubts about the Federal Reserve’s intentions to raise interest rates soon, caused the price of Bitcoin to briefly fall below $36,000.
According to the Labour Department, October’s total consumer price index was 3.2%, much less than September’s 3.7% reading and below the 3.3% market estimate. October’s inflation was flat compared to September’s and August’s 0.4% and 0.6%, respectively.
The smallest level of inflation since 2021 was recorded by core inflation, which is a more reliable indicator of price fluctuations. The 0.2% monthly increase was also consistent with analyst expectations. The benchmark index for the stock market, the S&P 500, increased dramatically in response to the results.
Still, not every whale is selling. Since the start of the year, a large Bitcoin whale has acquired almost $500 million worth of the flagship cryptocurrency; their dollar-cost averaging method appears to be effective, as their unrealized profit now surpasses $126 million.
Bitinfocharts data showed that this whale’s wallet began rapidly filling after it was empty until January 17 (the day the price of Bitcoin exceeded $20,000).
The whale more than quadrupled its holdings when BlackRock filed for a spot Bitcoin ETF in early March, when they had already bought around 4,000 BTC.
Bitcoin Whales Unload $2 Billion as Prices Surge 30% in a Month,Bitcoin Whales Unload $2 Billion as Prices Surge 30% in a Month,Bitcoin Whales Unload $2 Billion as Prices Surge 30% in a Month , Bitcoin Crypto news, Bitcoin News