Bitcoin Whales Begin Withdrawing Funds

Over the past two weeks, the number of wallets containing more than 1,000 Bitcoins dropped by nearly 5%, coinciding with a notable increase in the activity of dormant Bitcoins.


Bitcoin has broken through to a new all-time high (ATH), surpassing $73,000 over the past 24 hours, although the battle between bulls and bears is intensifying at this key price level.

According to CoinMarketCap, the cryptocurrency has continuously increased in price since peaking earlier in the bull cycle and has increased by more than 70% since the beginning of 2024. With this sudden price increase, the entire Bitcoin supply is now recording profits, according to data from Santiment.

Bitcoin supply in profit

Source: Santiment

Whale addresses plummeted

There are signs that large investors, including those holding wallets containing more than 1,000 Bitcoin, are making withdrawals. For example, these wallets are down almost 5% in the past two weeks. At the same time, groups of people holding between 10 and 1,000 Bitcoin coins also decreased by 0.5% during the same time period.

It is likely that many of these investors placed sell orders at a price slightly higher than the previous ATH at $69,000. When the price reaches this level, there will likely be strong selling.

Bitcoin ownership by whales and retail

Source: Santiment

However, in contrast to that, there are signs that small addresses holding less than 0.1 units of Bitcoin have increased by 0.6% over the past two weeks. This could be a sign of the return of retail investors to the market.

Dormant supply begins to move on the chain

Bitcoin dormant supply drops

Source: Santiment

Supply has begun to move on-chain, with signs that the dumping by large investors may also be related to the previous strong volatility of coins. There are coins that haven’t moved in the last 2-3 years that suddenly started being traded in the last two weeks. Many of these holdings bought Bitcoin during the recent bull cycle. They patiently waited for prices to recover and started distributing when the market increased sharply.

Related: BlackRock’s IBIT Overshadows MicroStrategy with 12,000 BTC Purchase

The whales’ exchange interactions are not alarming

bitcooin exchange whale ratio

Source: CryptoQuant

Although profit-taking by large investors often causes anxiety in the market, the current situation is not at the level of causing panic. Data from CryptoQuant shows that whales only account for about 36% of all Bitcoin flowing into exchanges, suggesting that they are not a large selling group driving down cryptocurrency prices en masse.


(2 votes)
  1. Avatar of


Leave a Reply

Your email address will not be published. Required fields are marked *


Azcoiner Exclusive Event On Bingx

Airdrops | Altcoin | Editor Choice

AZcoiner Exclusive Event on BingX

Join the exclusive event hosted by AZCoiner in collaboration with the BingX exchange to receive attractive rewards of up to $2000. Participate now to avoid missing out!

Azcnews Breaking

Editor Choice | Research

What is Pump and Dump? What Should You Do When This Phenomenon Occurs?

The phenomenon of Pump & Dump is quite prevalent in the cryptocurrency market. So, what is Pump? What is Dump? And what should you do when this phenomenon occurs? Let's find out through the article below!

Azcnews1 Breaking

Editor Choice | Research

What is Runes Protocol? The Protocol Generating Heat Ahead of the Halving

After Halving, the narrative will only revolve around Bitcoin and Runes is a story just like that. So, what is Runes protocol? Let's find out right away!

Azcnews Breaking

Editor Choice | Research

What is Staking Crypto? Tips to Maximize Profit When Holding Coins

When you hold any coin without knowing how to optimize its profitability, coins with staking mechanisms help you generate additional profits while you hold them. So, what is Staking? What are the benefits of staking? Let's find out!


News | Bitcoin | Editor Choice

Bitcoin Rises to $65,000 Just Hours Before Halving

Bitcoin surged to $65,000, experiencing a nearly 8% fluctuation in just a few hours, amidst signs of easing tensions in Iran.