Around 16 Bitcoin whales abandoned network or redistributed their supply over the previous seven days

As Bitcoin price trades below the $47,000 mark, experts discuss various factors that may have contributed to the recent drop or could influence the price soon. One of these factors is the whale’s behavior compared to the previous week. Specifically, about 16 Bitcoin whales, identified as users who hold at least 1,000 BTC in their crypto wallets, have abandoned the network or redistributed their BTC supply in the previous seven days. Cryptocurrency analyst Ali Martinez emphasized this in a tweet on April 4.

“Roughly 16 addresses holding 1,000 BTC or more have left the network or redistributed their tokens over the past week. These whales hold more than $46 million worth of BTC, which could significantly increase the downward pressure on Bitcoin”, Ali Martinez reported.

around-16-bitcoin-whales-abandoned-network-or-redistributed-their-supply

Source: Ali Martinez

16 Bitcoin whales have sold or reallocated their Bitcoin last week

Martinez also posted a chart from Glassnode that shows a steady decline in the number of addresses with a balance of 1,000 BTC or higher since the end of March. On April 3, the number was 2,255, while on March 28, it stood at around 2,271, meaning a drop of 16 addresses.

Considering the Bitcoin price at press time, the whales that have ultimately held at least $735 million (maybe more) in the largest cryptocurrency by market capitalization have left network or redistributed their supply.

According to Martinez, such behavior could put significant downward pressure on Bitcoin, potentially reflecting on its price, which at press time was $45,971.

In particular, with 55,723 votes and 82% historical accuracy, the CoinMarketCap community has expressed an estimate that the asset will trade above $51,000 by April 30. However, it should be noted that the price of the leading digital asset had dropped 0.96% in the past 24 hours and 2.65% since last week when it traded above $47,000.

around-16-bitcoin-whales-abandoned-network-or-redistributed-their-supply

Bitcoin seven-day price | Source: CoinMarketCap

Bitcoin’s market capitalization currently stands at $878.12 billion, making it the ultimate leader in the crypto space by this index, according to CoinMarketCap data.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS