Key Points
- Bitcoin wallets holding over 1,000 Bitcoins decreased by nearly 5% in two weeks.
- Previously idle Bitcoins have shown a sharp increase in movement.
Bitcoin’s Record High
Bitcoin made a new all-time high, surpassing $73,000 in the last 24 hours. This happened amidst a fierce contest between bulls and bears around this critical level.
The leading cryptocurrency has been on a steady rise since it topped its previous bull cycle’s peak. It has increased by over 70% since the beginning of 2024, according to CoinMarketCap.
Bitcoin Whales’ Activity
The surge in Bitcoin’s price resulted in the entire Bitcoin supply being profitable. This was too tempting for large whale investors to resist cashing out.
The number of wallets holding over 1,000 Bitcoins dropped by nearly 5% in the last two weeks. Similarly, the group storing 10–1,000 coins also decreased by 0.5% during the same period.
Many of these investors likely set limit orders slightly above the previous high of $69,000. When this level was reached, it triggered sell-offs.
Conversely, small addresses holding less than 0.1 units of Bitcoin increased by 0.6% in the past two weeks, indicating retail investors are re-entering the market.
The increase in whale selling could be connected to the significant rise in the movement of previously idle coins. Coins that hadn’t moved in the last 2–3 years suddenly started being transacted in the last two weeks.
Many of these investors would have bought Bitcoins during the last bull cycle, patiently waiting for price recovery before starting to sell as the market gained bullish strength.
Although profit-taking by whales often triggers alarms in the broader market, the current situation doesn’t warrant panic. Whales accounted for only 36% of the total Bitcoin inflows to exchanges, suggesting that they are not mass-dumping coins.
