In line with a recent official report from cryptocurrency market data aggregator, Glassnode, Bitcoin whales offloaded massive amounts of BTC within this month in February.
Glassnode defines any address that holds between a range of 1k BTC and 10k BTC as a “whale”, while “humpback whales” hold somewhere between 10k BTC. The report found that the number of whales increased by over 14% within the year to 5th Feb. 2021.
Whales and humpbacks’ purchasing spree peaked earlier in January as they snapped up 80k BTC, worth $3.84 Bln at present prices.
But since February, whales and humpbacks appear to possess taken heavy profits, offloading 140k BTC – adequate to $6.72 Bln since the beginning of the month.
The data reveals an inverse correlation between the trading activities of whales to smaller, but still very wealthy investors. Glassnode added that “dolphins” and “sharks” – wallets that hold between 100 BTC and 1k BTC – shed 95k BTC worth $4.56 Bln earlier in January, but flipped bull run earlier in February, collectively accumulating 117k Bitcoin [$5.61 Bln] since the beginning of the month:
“Important to note for how is the availability changes for the Dolphin/Shark class (purple) and Whale/Humpback class (green) are mirrored in volume and shape. Where one class sees increasing volume, the opposite sees decreasing volume (and vice-versa).”
“Octopus” and “Fish” — wallets that hold between 10 BTC and 100 BTC – are consistently offloading their holdings since November 2020, transferring over 128k Bitcoin or $6.14 Bln in less than a period of four months.
The 20% BTC price crash within the week sparked tons of action for the whales and was front led by one clever whale who managed to cash out $156 Mln prior to the dip began on Monday.
Fears of an extra down-trend might not eventuate as new research from trading platform CrossTower argues that institutional purchasing will still hold BTC above $50k within the upcoming mere time.