Experts have recorded the movement of “whale” bitcoins.
Since November 2023, long-term investors have withdrawn approximately 148,000 BTC from their wallets. According to Glassnode, this situation signals the start of profit-taking by this category of market participants.
Part of the funds could have gone to one of the approved #ETF , the other was spent, experts emphasized.
To the above value it is necessary to add 151,500 BTC, which were attributable to #GBTC .
As a result, since the peak in November last year (14,996,000 BTC), the total number of coins in the possession of hodlers has decreased by 299,500 BTC. Experts explained that this behavior becomes characteristic as one approaches the ATH.
At the time of writing, only 13% of Bitcoins are “unprofitable” for their owners, usually long-term ones. The chart below shows the price structure of purchased Bitcoins. Most are concentrated in the $40,000 to $45,000 range.
Among hodlers, only 6.5% of the total number of coins had an unrealized loss (777,800 BTC). Analysts noted that previous similarly low readings were previously associated with the early stages of a bull market (the only exception was 2019).
