Bitcoin whales dumped huge amounts of BTC in February, according to a new report from crypto market data aggregator Glassnode.
Glassnode defines any address holding between 1,000 BTC and 10,000 BTC as a “whale” while “humpback whales” hold more than 10,000 BTC. The report found that whale numbers had increased more than 14% by February 5, 2021.
The whale and humpback whale buying frenzy peaked in January when they hit 80,000 BTC, valued at $ 3.84 billion at today’s prices.
But since February, whales and humpback whales appear to have taken big profits, dumping 140,000 BTC – the equivalent of $ 6.72 billion since the start of the month.
The data shows an inverse correlation between the trading activity of whales and smaller but still very wealthy investors. Glassnode found that “Dolphins” and “Sharks” – wallets valued between 100 BTC and 1,000 BTC – lost 95,000 BTC valued at $ 4.56 billion in January, but saw an upward trend in February to a total of 117,000 as of the beginning of the month Bitcoin ($ 5.61 billion) accumulated:
“It is important to note how the changes in offerings for the Dolphin / Shark class (purple) and the Whale / Humpback class (green) are reflected in volume and shape. Where one class sees an increasing volume, the other sees a decreasing volume (and vice versa). “
“Octopus” and “Fish” – wallets with a stock between 10 and 100 BTC – have consistently unloaded their stocks since November 2020 and sold more than 128,000 Bitcoin or 6.14 billion US dollars in less than four months.
The 20% BTC price drop this week sparked a lot of action for the whales and was led by a clever whale who managed to cash out $ 156 million before the slump began on Monday.
Fears of another downtrend may not arise as new research by the CrossTower trading platform argues that the institutional purchase will keep BTC above $ 50,000 over the long term.
