Bitcoin Mega Whales Have Been Reducing Their Supply Recently

The market intelligence platform IntoTheBlock has revealed how the largest of Bitcoin holders have been applying selling pressure amid the price decline.

In a new post on X, IntoTheBlock discusses the latest trend in the Bitcoin supply held by whales, defined as entities owning more than 1,000 BTC, worth approximately $88.9 million.

Among these, the focus is on ‘mega whales’—those holding over 10,000 BTC ($889 million). A chart from IntoTheBlock illustrates that these mega whales sold portions of their supply during the recent price drop. Interestingly, they began selling a few days prior, hinting they anticipated the price plunge.

IntoTheBlock reports this group was the primary seller during this period, while smaller entities accumulated Bitcoin, viewing the dip as a buying opportunity. Over the past week, mega whales sold 25,740 BTC (nearly $2.3 billion). Their future actions could heavily influence Bitcoin’s market dynamics.

Furthermore, Bitcoin behavior can also be analyzed through exchanges, particularly Coinbase and Binance. Coinbase, popular among US institutions, and Binance, utilized by global investors, show distinct user demographics. The Coinbase Premium Index, which tracks the price difference between Bitcoin on Coinbase and Binance, has been negative, suggesting American whales have been significant sellers during the crash.

BTC Price

Currently, Bitcoin is trading around $88,700 after dipping close to $86,000 yesterday.