Are Whales Selling?Aug 25, 2021
Analyzing the recent run-up of Bitcoin, the total BTC held in whale wallets (defined as containing 1K-10K coins) fell from about 5.3M to 5.23M in August so far. While a 1.4% drop might not seem drastic, whale holdings are usually quite stable.
Meanwhile, smaller wallets with 1-1000 BTC began accumulating slightly more. The so-called “minnows” increased their holdings by .2% in August, up to 9.8M BTC.
Generally, this is a fairly bearish signal as this can be indicative of whales and institutions taking profit while retail holds the bag. Looking back at the run-up, whale wallets accumulated BTC till it hit approximately $45K, and began taking profit as it breached $50k.