Will the Bitcoin Decline Continue? Data Is Alarming: 4.6 Billion Were Sold! - Coin Newsletter

While Bitcoin is falling sharply, the sell-off from large investors indicates that the decline may continue.

While the sharp decline in Bitcoin, which (BTC) reached an all-time high of $110,000 in the last 8 weeks and then reached $76,500, makes investors nervous, the latest data from blockchain analysis company Santiment gives a new warning about the market. Over the past week, the Bitcoin sales, especially by large investors and whales**, have caused further concerns in the market.

According to data shared by Santiment, large investors holding between 100 and 1,000 Bitcoins in their wallets have sold a total of 50,625 BTC in the last week. The total market capitalization of these sales amounts to approximately $4.07 billion. Medium-sized investors with 10 to 100 Bitcoins in their wallets also sold a total of 7,062 BTC in the same period, leaving approximately $567.1 million worth of Bitcoin.

Santiment data is alarming

The continued sell-off by whales for Bitcoin, which has fallen by 30.5% from a peak of $110K to $76,500 in the last 8 weeks, may indicate that the decline is not over yet. Historically, there has been a moderate positive correlation between such large wallet movements and the price of Bitcoin. That is, when whale selling increases, the price of Bitcoin is usually pressed downward.

Analysts note that it is now becoming more important to keep a close eye on the positions of large investors in the market. According to data from Santiment, if whales continue their selling, bearish pressure on the price of Bitcoin may continue in the short term.

It seems that it will be critical for investors to closely monitor major wallet movements in the coming period to shape expectations for the price of Bitcoin.