Hi Guys,
It's Big & Big #alert About $BTC Selling Pressure of Whales !!!
Bitcoin Facing Selling Pressure From New Whales as BTC Hovers at $57,000
"Most selling is coming from new whales," the CryptoQuant Head of Research wrote, "old whales are basically not selling."
A perfect storm is brewing in the cryptocurrency market, as Bitcoin's price struggles to gain traction despite a recent uptick.
While the flagship cryptocurrency managed a modest 0.5% gain to $57,350 in early European trading, according to data from CoinGecko. But underlying market dynamics tell a more complex story.
A key factor contributing to Bitcoin's price weakness is the aggressive selling by new whales.
According to data shared on Twitter by CryptoQuant Head of Research Julio Moreno, these newly-minted large scale investors dumped a staggering $688 million worth of Bitcoin on August 5 alone—the largest single-day of loss since May 2021.
"Most selling is coming from new whales," he wrote, "old whales are basically not selling."
The implications of this whale behavior are far-reaching.
This selling pressure has exerted downward pressure on Bitcoin's price, offsetting some of the bullish sentiment generated by other factors.
For starters, BRN analyst Valentin Fournier said investors should keep an eye on the U.S. initial jobless claims data being released later today.
“Bitcoin is slowly building momentum, showing upward pressure over the last three days after bouncing back from the market slump on Monday.
It failed to push past $58,000 yesterday but seems to be on the right track,” he wrote in a note shared with Decrypt. “Initial jobless claims released later today could calm economic recession fears and help maintain the positive momentum.”