• Bitcoin whales have been selling their coins over the past couple of months, reducing their balances by more than 200,000 BTC.
• This sell trend among these large holders could lead to sideways or even lower prices for BTC in the next 6-12 months.
• Analyzing whale addresses shows that the bottom of the market may not be reached yet.
The impact of bitcoin whales and their activities has been profound on the general market. Their buying and selling activities have influenced the price of the digital asset significantly, and their presence in the market still holds sway. Recently, a look at the balances of these large holders has shown that they are still selling, which could mean that the market might not reach its bottom for some time.
The data from Santiment’s community post shows that whales who hold between 1,000 and 10,000 BTC have reduced their holdings from almost 8 million BTC back in December 2021 to less than 7 million BTC in December 2022. This indicates that these large investors are still selling, and this could mean that the market might not reach its bottom for some time. In fact, the report states that the market might remain in sideways or even lower prices for the next 6-12 months.
Analyzing the activity of these whales is an important way to try and predict the bottom of the market. It is important to note that if these whales continue to sell their coins, then the bottom of the market might not be reached yet. This means that the digital asset could start out the year seeing prices below $16,000.
Overall, the activity of these whales is very important to watch, as their accumulation or selling could lead to a rally or a decrease in prices respectively. Thus, it is essential to keep an eye on their activity in order to better predict the trajectory of the market.