Information text

Your Location:Home>News>Main body

‘Stop panic selling’ — Bitcoin whales bag spare BTC as exchange balances fall

WikiBit 2022-01-25 09:04

Abstract:Bitcoin may be at multi-month lows, but buyer demand for BTC remains, data shows.

  William Suberg 2 hours aGOSTOP panic selling’ — Bitcoin WHALEs bag spare BTC as exchange balances fall

  Old whales may have offloaded last year, BUT demand FOR BTC shows no sign of disappearing, tHE latest DATA reveals.

  Markets NEWs

  Bitcoin (BTC) is being aggressively bought up at prices NEAR $30,000 as bidders begin to soak up liquidity from short-term sellers.

  Data from on-CHAIN monitoring resource CryptoQuant shows that as of late DECember, Bitcoin exchanges have begun to shed their BTC reserves once more.

  BTC conspicuously attractive at current levels

  After a period of traders sending BTC to exchanges, possibly to sell or to have on the side to divest away from further losses, exchanges are now seeing larger overall outflows than inflows.

  Between Dec. 7 and Dec. 28, 2021, BTC reserves of the 21 major platforms monitored by CryptoQuant increased from 2.396 million to 2.428 million BTC.

  Thereafter, the longer-term downtrend resumed, and as of Monday, exchanges tally stood at 2.366 million BTC — despite spot price action sitting at SIX-month lows.

  Bitcoin exchange reserves vs. BTC/USD chart. Source: CryptoQuant

  Older whales, meanwhile, despite showing some impatience in recent years, are still apt to spark price trend reversals, CryptoQuant CEO Ki Young Ju believes.

  “It seems they have been sold $BTC to new players at the tops or bottoms,” he said in a series of tweets about the topic, noting that institutions have likely been the main BUYers since 2020.

  Whales go for (another) dip

  While common knowledge, the exchange balance trend now coincides with palpable on-chain demand from major investors.

  Related: Illiquid supply ‘going up relentlessly’ — 5 things to watch in Bitcoin this week

  As noted by Twitter account CC15Capital this week, the run to $33,000 was accompanied by multi-million-dollar BTC buy-ins from ONE wallet in particular.

  Since August, the account has amassed over $1 billion worth of BTC from a starting balance of zero.

  https://t.co/TqcYo2Mkw2

  — CC15Capital (@Capital15C) January 25, 2022

  The phenomenon further comes amid firm resolve from long-term holders not to sell. As Cointelegraph reported, coins that have not moved in a year or more now make up 60% of the overall BTC supply.

  Whale accumulation, meanwhile, has been apparent elsewhere in the period following the comedown from $69,000 all-TIME highs.

  •   #Bitcoin

  •   #Bitcoin Price

  •   #Markets

  Related News

  •   BLOCKchain CAN Disrupt Higher Education Today, Global Labor Market Tomorrow

  •   Platform launches world's first lunar sensitive NFTs

  •   How to pick or analyze aLTCoins?

  •   Indonesias crypto industry in 2021: A kaleidoscope

  •   Illiquid supply ‘going up relentlessly’ — 5 things to watch in Bitcoin this week

  •   Bitcoin ‘enters VALUE zone’ as BTC price floor metric goes green again

  Load more articles Editors Choice

  •   McDonalds jumps on Bitcoin memewagon, Crypto Twitter responds

  •   ‘Stop panic selling’ — Bitcoin whales bag spare BTC as exchange balances fall

  •   Green shoots? Institutional crypto funds see first inflows in 5 weeks

  •   Paris Hilton says that the metaverse will be the future of partying

  •   Bithumb to block crypto withdrawals to unverified private wallets

  Cointelegraph YouTube Subscribe Advertise with us

  Bitcoin BTC/USD 36,423 +8.05%

  ETHereum ETH/USD 2,428 +8.42%

  Litecoin LTC/USD 108.08 +7.29%

  Ripple XRP/USD 0.60 +5.63%

  EOS EOS/USD 2.19 +6.82%

Token conversion
Exchange rate conversion
Calculation for foreign exchange purchasing
/

Current Rate0

Available

-

Calculate