Bitcoin News Today: Bitcoin Whales With 10K% Gains Boost Sales Amid Sideways Market

Old Bitcoin Whales Have Increased Sales Amid Sideways Market Movement [1]

The Bitcoin market has shown a sideways trend in the past week, with mixed trading activity. Recent inflows to centralized exchanges and large-scale sales by certain groups have cast doubt on the bullish outlook seen at the beginning of the quarter. Although altcoins have also been affected, assets such as Ethereum (ETH) and BNB have defied the trend and seen some gains.

Over the past seven days, a group of Bitcoin whales—holding their assets for more than a decade—have significantly increased outflows. These whales began accumulating BTC around 2014, with some holding their assets for up to 14 years without selling. On-chain data indicates that these whales increased their holdings during the bullish market recovery in Q4 2023. Their recent sales signal substantial profit-taking, potentially influencing the bearish sentiment currently observed in the retail market. Given that these whales initially bought BTC at around $1,000 per coin, their current holdings reflect an increase of approximately 117,000%. The price of Bitcoin briefly surpassed $122,000 before correcting slightly to above $118,000.

According to analysts from CryptoQuant, the behavior of these long-term whales indicates strong potential for new investors entering the market based on price expectations. “At that time, Bitcoin rose from below $100 to around $1,000, which translates to a maximum return of approximately 117,900% based on a $100 entry. These whales have every reason to take profits, and their actions provide strong motivation for many investors to consider long-term Bitcoin holding.”

The recent sales are also reflected in the decline of U.S. institutional holdings, raising concerns about the formation of a "death cross," a bearish technical indicator. Analysts note that when U.S. institutions reduce their Bitcoin holdings, it has historically been followed by a sideways or corrective phase in the price. At present, the percentage of Bitcoin held by U.S. institutions is showing bearish signals, with an increased likelihood of forming a death cross in the near future.

Meanwhile, institutional investors have increasingly turned their attention to altcoins, driving a modest rally in the sector. This week, BNB reached a new all-time high as traditional firms added the asset to their treasury reserves. Similarly, Ethereum (ETH) saw a surge in holdings, with companies such as SharpLink, BTCS, and BitDigital making large purchases. Notably, SharpLink added $295 million worth of ETH to its reserves, bringing its total ETH holdings to over $1.6 billion.

Despite the current sideways movement, many traditional investors remain optimistic about Bitcoin’s long-term trajectory, citing macroeconomic factors and growing adoption. However, these positive projections are largely contingent on the market receiving clearer regulatory frameworks in the near future.

Source: [1] Decade-Old Whales Increase Sales Amid Sideways Bitcoin Pattern (https://zycrypto.com/decade-old-whales-increase-sales-amid-sideways-bitcoin-pattern/)