Whales Sell Off Coins
As Bitcoin’s price continues to climb, reaching new all-time highs, large investors known as “whales” are taking advantage of the profits. These whales hold significant amounts of Bitcoin (at least $73 million).
According to analyst Ali Martinez, whales have been selling off their coins. The number of wallets holding over 1,000 BTC has declined since February, indicating that whales are reducing their holdings.
Impact on Price
Whales’ selling decisions can significantly affect Bitcoin’s price. They can release large amounts of supply into the market quickly, potentially causing a price drop if demand is insufficient.
This selling may have contributed to recent price fluctuations, including a flash crash on March 12th. However, Bitcoin’s recovery from this crash suggests that demand is strong enough to absorb the supply being sold by whales.
Current Price
As of this writing, Bitcoin’s price remains above $73,000, showing a 10.49% increase over the past week.
