Massive Bitcoin Sale Doesn’t Crash the Market
Last weekend, a whale (a large investor) unloaded nearly $10 billion worth of Bitcoin through Galaxy Digital. This massive sell-off only caused a temporary dip in price, from around $115,000 to $119,000. Crypto analytics firm Glassnode says this shows Bitcoin’s growing strength and ability to handle large sales. The firm highlights that the market absorbed the huge sell-off, even on a typically quieter weekend, demonstrating the market’s resilience.
Most Bitcoin Holders Are in the Green
Glassnode points out that the vast majority (over 97%) of Bitcoin holders are currently sitting on profits. This means there’s a lot of potential for future selling if the price keeps climbing.
Future Sell-Off Warning
The analytics firm predicts that if Bitcoin rises about 20% from its current price, we could see a much more intense sell-off. They suggest Bitcoin might stay within a range of $105,000 to $125,000 until a significant price break happens. If it does break higher, the $141,000 mark could trigger a significant wave of selling.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $117,651.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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