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#Bitcoin Whales Dump Over $2 Billion Worth of $BTC after Price Rose Over 30% in a Month.....!
Bitcoin has moved up 3.3% over the past week & in that period, which brought its year-to-date performance to 119%, large holders have dumped more than $2.2 billion worth of BTC on the market.
According to popular cryptocurrency analyst Ali Martinez, Bitcoin whales have been realizing their profits over the past week after redistributing around 60,000 $BTC worth around $2.22 billion, after a 30-day rise of 34.8% for the #Cryptocurrency.
This analysis was based on on-chain data from crypto analytics firm Santiment.
The price of $BTC has recently briefly dropped below the $36,000 mark after data from the US Department of Labor revealed that last month inflation pressures eased in the country, showing core consumer prices, which exclude food & energy, dropped to the lowest level in two years and cast doubt on the Fed's plans to raise interest rates soon.
The Labor Department reported that the overall consumer price index for October was 3.2%, much lower than the 3.7% recorded in September and below the market expectation of 3.3%. Compared to the previous month, inflation was flat in Oct., down from 0.4% in Sept. & 0.6% in Aug.
Core inflation, which is a more stable measure of price changes, slowed to 4.0%, the weakest since 2021, while the monthly increase of 0.2% was also in line with analysts’ forecasts. Reacting to the numbers the S&P 500, the stock market’s benchmark index, rose significantly.
Not all whales are selling, however. As a massive BTC whale has amassed over $500 million worth of the flagship cryptocurrency since the beginning of the year, and their DCA strategy has seemingly been working as their unrealized profit now exceeds $126 million.
Data from Bitinfocharts revealed that this whale’s wallet, empty until Jan. 17 (coinciding with the BTC surge past $20,000), started filling rapidly. By early March, the whale had acquired almost 4,000 BTC, and following #BlackRock’s Spot Bitcoin #ETF filing, they more than doubled their holdings.
