• The activity of whales in the bitcoin market has been analyzed in depth by Santiment, showing that large holders have reduced their holdings from almost 8 million BTC in December 2021 to less than 7 million BTC in December 2022.
• This selling trend from large investors could lead to sideways or even lower prices for BTC in the next 6-12 months.
• The analysis of whale addresses suggests that the bottom of the market may not be reached yet.
The activity of whales in the bitcoin market has become an increasingly important factor to consider when it comes to predicting the future direction of the digital asset. A recent report by Santiment, which analyzes the activity of large holders, has revealed that these whales have been selling their holdings in recent months, which could lead to further sideways or even lower prices for BTC in the next 6-12 months.
The report looks at the balances of large holders, which are classified as those who hold between 1,000 and 10,000 BTC. According to the analysis, these whales have reduced their holdings from almost 8 million BTC back in December 2021 to less than 7 million BTC in December 2022. This shows that they are still actively selling, and this trend could continue into the 2023, resulting in the digital asset starting the year with prices below $16,000.
The analysis of whale addresses also suggests that the bottom of the market may not be reached yet. This means that investors should pay close attention to the activity of these large investors, as their buying or selling could be an indication of the direction the market is headed. If these whales start accumulating, it could lead to a rally, and vice versa.
Overall, the activity of whales in the bitcoin market is an important factor to consider when predicting the future price of the digital asset. The fact that these large holders are still selling suggests that prices could remain sideways or even lower in the coming months, and investors should watch this activity closely.