Total cryptocurrency market cap fell below $2 trillion again, and Bitcoin (BTC) The price has also dropped by about 15% in the last two weeks. However, some experts think that the decline in BTC may continue.
Number of Accounts Holding More Than 10,000 Bitcoins Decreased 4.6 Percent
According to the statements made by cryptocurrency analyst Ali Martinez, the number of wallets with a balance of more than 10,000 Bitcoins has decreased by 4.6% in the last 4 days.
Martinez also shared a Glassnode chart showing the decline in the number of wallets holding more than 10,000 BTC. The number of huge BTC whales dropped from 91 four days ago to 87 on April 11.
On-chain data shows that #Bitcoin whales have been selling or redistributing their tokens. 😱
Over the past 4 days, the number of addresses on the network holding over 10,000 $BTC has declined by 4.6%. Such a significant increase in downward pressure could push #BTC price lower. pic.twitter.com/K25xVqWyIb
— Ali Martinez (@ali_charts) April 13, 2022
Considering the level of BTC price at the time of this writing, whales with a total of at least 397.61 million dollars either left the BTC network or distributed their assets to other addresses.
In addition, analyst Ali Martinez, in his analysis a week ago, stated that the number of whales with a balance of more than 1,000 BTC decreased by 16 between March 28 and April 3.
According to the analyst, this movement of the whales could create a bearish pressure for BTC in both cases.
Analysis Platform Santiment Shared a Positive Development
On the other hand, Santiment, a platform that analyzes on-chain and social metrics, announced in its tweet that the number of whale transactions exceeding $ 1 million continues to be over 4,000 daily.
🐳 #Bitcoin is seeing a continued steady supply of ~4,000 whale transactions exceeding $1M+ Monday through Friday, with mild slowdowns on weekends. Large increases are what we are looking out for to foreshadow a price bounce after April’s retrace. 👀 https://t.co/GVhqxEWqf1 pic.twitter.com/uLQxu1C3RK
— Santiment (@santimentfeed) April 13, 2022
At the time of this writing, BTC price is trading at $ 41,311 with an increase of 4.37% during the day.
*Not investment advice.