Whale activity has been a mixed bag lately, with some whales opting to buy while others choose to sell, all in pursuit of capitalizing on recent market movements.
Among the largest cohort of whales, those holding between 1,000 and 100,000 BTC, there’s a discernible trend of accumulation, typically associated with bullish market sentiment.
These significant holders appear optimistic about the market’s potential for further growth, as evidenced by their increased purchases when Bitcoin surpassed the $46,000 mark, a trend that began around the $29,000 range.
Are #Bitcoin whales buying or selling?
The behavior of #crypto whales is currently mixed, with some buying while others are selling to capitalize on recent price movements.
However, when focusing on the largest whale cohort, those holding between 1,000 and 100,000 #BTC,… pic.twitter.com/HGcWKb0Wrv
— Ali (@ali_charts) February 21, 2024
Interestingly, the number of Bitcoin wallets holding more than 0 BTC has decreased by 729.4K compared to a month ago.
This decline coincides with the SEC’s approval of 11 Spot Bitcoin ETFs, signaling a shift in interest among hodlers who are now seeking exposure through ETFs rather than direct ownership.
📊 There are 729.4K less #Bitcoin wallets holding greater than 0 $BTC, compared to one month ago. After the #SEC approved 11 Spot Bitcoin #ETF's, this amount of non-0 wallets peaked on January 20th at 52.95M. This is attributed to the increased interest in #hodlers
(Cont) 👇 pic.twitter.com/FThtSDOmk0
— Santiment (@santimentfeed) February 21, 2024
$51K Has Turned A Critical Level For Bitcoin Following Whales Selling Over 30,000 BTC
According to insights from @santimentfeed, whales have offloaded over 30,000 BTC in the past 48 hours, shedding light on the ongoing dynamics within the market.
Analysts are closely monitoring the $51,500 support zone, which has emerged as a critical level for Bitcoin.
$51,500 has now become one of the most important support zones for #Bitcoin. As long as $BTC continues to hold above it, there is a good chance it will advance toward $57,000. pic.twitter.com/Ke3T3qi8gb
— Ali (@ali_charts) February 22, 2024
Sustained trading above this threshold could pave the way for further upward momentum, potentially pushing Bitcoin towards the $57,000 mark.
Recent updates from Grayscale reveal a decrease of 2,977 BTC ($152.4M) in their holdings as of February 21. On the other hand, eight ETFs collectively added 4,386 BTC ($224.6M) to their portfolios, with iShares (Blackrock) contributing 2,962 BTC ($151.7M) to this inflow.
Feb 21 Update:#Grayscale decreased 2,977 $BTC($152.4M).
8 ETFs added 4,386 $BTC($224.6M), of which #iShares(#Blackrock) added 2,962 $BTC($151.7M).https://t.co/HBHNSSnU4J pic.twitter.com/n18ooEJbEJ
— Lookonchain (@lookonchain) February 21, 2024
As the cryptocurrency market continues to evolve, whale activity serves as a key barometer of investor sentiment and market trends, offering valuable insights into the ever-changing landscape of digital assets.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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