Bitcoin whales in deep distribution mode as 15k BTC return to exchanges

exchange68September 12, 2024

0 1 1 minute read

Quick Take

Over the past six days, a substantial sell-off in the Bitcoin market has been observed, attributed predominantly to Bitcoin whales.

The red color on the below chart denotes transactions over $10M, indicating that these major holders are progressively liquidating their positions.

The influx of nearly 15,000 BTC back onto exchanges supports this observation. Furthermore, the accumulation trend score by cohort below confirms this trend, as Bitcoin whales appear to be in a deep distribution mode.

Accumulation by cohort: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.