Whales, the largest holders of Bitcoin (BTC), have been selling the most BTC ever recorded on a 30-day basis. Over the last 30 days, these whales have offloaded a total of 280,000 BTC, according to Glassnode on-chain data.
It is estimated that whales currently hold around 9 million BTC, representing a significant portion of the total BTC supply.
- Whales holding 1,000 to 10,000 BTC have 3.6 million BTC.
- Whales holding 10,000 to 100,000 BTC hold 1.9 million BTC.
- Whales holding 100,000 BTC or more hold 3.6 million BTC.
These large holders of Bitcoin have a significant influence on the market, and such selling activity can impact the price of BTC.
Reviewing the Trend Accumulation Score by Cohort metric, on-chain Glassnode data confirms the concentration of sell pressure has been coming from BTC whales.