According to a new report from crypto market data aggregator, Glassnode, Bitcoin whales offloaded massive amounts of BTC during February.
Glassnode defines any address that holds between 1,000 BTC and 10,000 BTC as a “whale”, while “humpback whales” hold more than 10,000 BTC. The report found that the number of whales increased by more than 14% in the year to Feb. 5, 2021.
Whales and humpbacks’ buying spree peaked in January as they snapped up 80,000 BTC, worth $3.84 billion at today’s prices.
But since February, whales and humpbacks appear to have taken heavy profits, offloading 140,000 BTC — equal to $6.72 billion since the start of the month.
The data shows an inverse-correlation between the trading activities of whales to smaller, but still very wealthy investors. Glassnode noted that “dolphins” and “sharks” — wallets that hold between 100 BTC and 1,000 BTC — shed 95,000 BTC worth $4.56 billion in January, but flipped bullish in February, collectively accumulating 117,000 Bitcoin ($5.61 billion) since the start of the month:
“Important to note is how the supply changes for the Dolphin/Shark class (purple) and Whale/Humpback class (green) areTitle: Whales offloaded 140K Bitcoin this month: Glassnode
Sourced From: cointelegraph.com/news/whales-offloaded-140k-bitcoin-this-month-glassnode
Published Date: Wed, 24 Feb 2021 04:42:42 +0000