Bitcoin holders are moving a significant portion of their BTC holdings, as someone moved 15,000 BTC ($282M) in block 660,477 some hours ago.
It’s critical to observe that recent price action in the flagship crypto market indicates that a significant number of investors increased their selling pressure around the $19,000 price support level which seems to be marked down.
- At the time of writing this report, Bitcoin price today is $18,922.79 USD with a 24-hour trading volume of $31,743,534,859.
- Bitcoin is down 1.66% in the last 24 hours, with a market capitalization of $351,311,949,705.
- It has a circulating supply of 18,565,550 BTC coins and a max. supply of 21,000,000 BTC coins.
This further illustrates that owners for the flagship crypto are pulling out some of their gains on the bias that bitcoin whale’s pullback, at least in the near term.
What to expect
Nairametrics predicts increased selling pressures by such large entities are partly responsible for the relative price correction seen prevailing in the bitcoin market.
Willy Woo, the Head of the blockchain intelligence platform, anticipates the likelihood for Bitcoin to go through a period of correction, as more investors deposit their BTC on crypto exchanges.
“Too many BTC whales on a crypto exchange. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.
“Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows When whales are active (over 90%) on the crypto exchange, the BTC price will likely be going sideways or bearish,” Woo said.
However, the top crypto strategist warned that the presence of whales in exchanges was no longer a strong indicator of a market sell-off.