Bitcoin price has been in a downtrend for almost a year now. What is the behavior of crypto whales and retail investors in the current market conditions?
After making an all-time high at $69,000 in November, Bitcoin price is down nearly 70% in one year. It is trading near $20,200 as of writing.
Crypto Whales Are Selling Bitcoin
According to data from Santiment, the crypto whales have been dumping their Bitcoin since last year while retailers are accumulating. Whales owned nearly 50% of the Bitcoin supply in Oct. 2021. Gradually, they dumped their bags.
The blue line in the chart below represents wallets holding 100 to 10,000 Bitcoins. It has been in gradual decline since last year. The crypto whales own 45% of the Bitcoin supply compared to the previous year’s 50%.
Large mining companies, like Core Scientific, have already capitulated. According to a U.S. Securities and Exchange Commission (SEC) filing, they are down to holding…
