Today, the biggest Bitcoin whales made the largest sale ever recorded on a 30-day basis. According to on-chain data from Glassnode, these whales have sold a total of 280,000 BTC in the last 30 days.
Record-breaking Bitcoin whale sale
Whales currently hold around 9 million BTC, which represents a significant portion of the total BTC supply. According to their data;
- Whales holding 1,000 to 10,000 BTC have 3.6 million BTC.
- Whales with 10,000 to 100,000 BTC hold 1.9 million BTC.
- Whales holding 100,000 BTC or more have 3.6 million BTC.
Considering the above BTC amounts, whales have a significant impact on the market. Such selling activities directly affect the price of BTC. Reviewing the Trend Accumulation Score according to the Cohort metric, Glassnode confirms that the selling pressure is coming from BTC whales.
Bear market strengthens as whales sell
The aforementioned massive selling pressure explains why the Bitcoin price is constantly struggling to recover, even as the bad attitude around the FTX issue has subsided significantly. Let’s look at the last two years to understand why whales chose this time to disrupt the market. First, the solid bull cycle of 2020-2021 resulted in a Blockchain total annual realized return record.
Over $455 billion in annual earnings flowed into the market by Bitcoin investors. The largest amount occurred shortly after the November 2021 peak. Since then, the market has rapidly been in a bear market. The process ended with an actual loss of almost $213 billion. This is equivalent to 46.8% of 2020-2021 bull market profits, which is roughly the same size as the bad market 2018, which returned 47.9% of the loss.
Despite these enormous losses, the total supply of Bitcoin held by the whales continues to increase. This shows that they still exist. Large investors remain in the market despite harsh conditions.
According to the chart below, it was extremely difficult for whales to sell from May 2022 until today, despite the market changing frequently, such as the collapse of LUNA/UST, Celsius – 3AC’s liquidity crunch, and FTX’s massive disaster.
However, Bitcoin did not show a notable bounce, especially at the close of the year. It is stuck in the $16,000 – $17,000 region. In fact, at a time when traditional financial markets are “taking a break”, investors need cash to finance their spending as the new year approaches. As a result, it is also understandable that the whale side, which led to the BTC discharge, lost their patience and need for practice.
On the other hand, November 2022 was the biggest difficulty correction since China banned Bitcoin mining in 2021. The record difficulty drop shows that the majority of miners are working. Meanwhile, a number of Bitcoin miners went bankrupt as their earnings hit a two-year low. cryptocoin.com We have discussed one of the recent bankruptcies in this article.
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