Big Bitcoin investors, known as “whales,” have been selling off their Bitcoin recently, taking advantage of the recent price increase. This has raised concerns about the impact on the Bitcoin price.
Whales Dumped Millions
Over the past four days, whales holding between 1,000 and 10,000 Bitcoin have sold off more than 30,000 Bitcoin, which is worth around $1.86 billion. This selling activity came right after the US Federal Reserve cut interest rates, which caused Bitcoin’s price to rise.
Why Whales Matter
Whales are a big deal in the crypto world because they hold so much Bitcoin. Their actions can significantly impact the price. When they sell, it can make other investors nervous and cause the price to drop.
Will the Price Drop?
While the whales selling has caused some concern, Bitcoin’s price has actually been doing pretty well lately. It’s up over 5% in the past week and even more than 6.8% this month, which is surprising because September is usually a bad month for Bitcoin.
The Bottom Line
It’s still unclear what the long-term impact of the whales selling will be. But for now, Bitcoin seems to be holding its own.
