Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales

Despite misgivings, Bitcoin managed to preserve its higher levels into Friday, these previously forming a key line in the sand for bullish sentiment to return.

Never mind the inflows？

Whales, meanwhile, are not new potential sellers. As Cointelegraph reported earlier in the month, larger investors have diverged from smaller retail hodlers in terms of buying behavior.

CryptoQuant and others confirm that this is still the case, with exchange withdrawals conversely reflecting “peak accumulation” similar to September before the breakout to $69,000 all-time highs.

#Bitcoin 100-1K wallets keep stacking and the supply controlled by them repeatedly hitting ATH.

Not saying it will definitely go parabolic like in the previous year but it surely looks like it. pic.twitter.com/d9qnA0VEeA

— Lex Moskovski (@mskvsk) December 24, 2021

Related: Missed out on hot crypto stocks in 2021？ It paid just to buy Bitcoin and Ethereum, data shows

Miners, too, are holding onto their newly-released coins from block subsidies, with their reserves now at six-month highs.

“Miners own more BTC than when BTC was at $69k, in fact, they added back all the BTC they net distributed since the drop from $69k,” contributor Venturefounder noted.

• #Bitcoin

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