16 Bitcoin Whales Have Sold Their Bitcoin Last Week

As Bitcoin (BTC) trades below the $47,000 level once more, analysts are discussing several causes that may have contributed to the current drop or may have an impact on the price in the near future.

The behaviour of whales over the previous week is one of these elements. Specifically, over the past seven days, around 16 Bitcoin whales, defined as individuals holding at least 1,000 BTC in their crypto wallets, have abandoned the network or redistributed their BTC supply, according to crypto expert Ali Martinez in a tweet on April 4.

Martinez also shared a graphic that shows a gradual fall in the number of addresses having a balance of 1,000 BTC or more since late March. This figure was 2,255 on April 3, and it was around 2,271 on March 28, indicating a decline of 16 addresses. At the current price of Bitcoin, this means that whales who held at least $735 million (possibly more) in the largest cryptocurrency by market cap have either left the network or reallocated their supply.

According to Martinez, such behaviour might put significant downward pressure on Bitcoin, potentially affecting its price, which was $45,971 at the time of writing this article.

Despite the fact that Bitcoin is trading down, the community is still very positive. The crypto community’s optimism about Bitcoin price moves in the near future. The CoinMarketCap community, in particular, had predicted that the asset will trade above $51,000 on April 30 based on 55,723 votes and 82 % historical accuracy.

It should be noted, however, that the price of the main digital asset has dropped 0.96 % in the last 24 hours and 2.65 % since the previous week when it was trading far above the $47,000 threshold.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAZ

CoinCu News