Whales sell over $2 billion Bitcoin in a week; Is a crash incoming?

Amid the ongoing cryptocurrency rally and the surge in prices of digital assets, it might be surprising to see that some investors are selling their Bitcoins (BTC). 

Over the past week, large Bitcoin holders, often called whales, have offloaded approximately 50,000 BTC, equivalent to about $2.20 billion in value, per the post on X from crypto analyst Ali Martinez on December 22.

Bitcoin whales offloaded nearly 50,000 BTC in the previous week. Source: Ali Martinez

The move may raise concerns among investors that Bitcoin’s rally is over. However, the actual reasons are unlikely to be bearish in nature.

BTC proportion of profitable supply chart. Source: Santiment

Bitcoin price analysis

As of the latest update, BTC is priced at $43,517, reflecting a 0.62% decline in the past 24 hours. This contrasts with the positive gains of 3.07% on the 7-day chart and 18.79% on the 30-day chart.

BTC 7-day price chart. Source: Finbold

Over the past year, the asset’s price has exhibited significant growth, registering a remarkable increase of 159%. Notably, it has outperformed 72% of the top 100 cryptocurrencies within one year.

Additionally, the asset is trading above its 200-day simple moving average, a positive indicator in technical analysis. In the last 30 days, the investment has experienced 18 days of positive price movement, constituting 60% of the observed period.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.