Bitcoin Whales Split Wallets: Over 75K BTC Moved In 2 Days

Santiment, one of the leading on-chain data analyst firms, has released recent data revealing the actions of Bitcoin’s whales as the market is trying to keep its price above $60,000. Observably, these whales are splitting their wallets, which could point to different strategies or risk management techniques employed by the ecosystem.

📊 #Bitcoin's whales are splitting wallets as prices attempt to stay above $60K..

🐳 Wallets with 1K-10K $BTC ↘️ 75.5K Bitcoin in 2 days
🐋 Wallets with 100-1K $BTC ↗️ 78.1K Bitcoin in 2 days

The network's non-0 wallets have increased 0.36% in 2 days.https://t.co/UPs78zuDmE pic.twitter.com/DWKKab16ln

— Santiment (@santimentfeed) February 29, 2024

In a span of just two days, nearly 75,500 BTC have been redistributed across wallets that hold between 1,000 and 10,000 bitcoins. Within the same period of time, some fragmentation was witnessed for wallets with fewer amounts of Bitcoin; from 100 to 1,000, about 78,100 BTC were transferred out in total.

Besides, an examination of non-zero balance wallets in the network shows that they actually increased by 0.36% within that same two-day window. This only puts out that some nuanced movement is taking place in and around the Bitcoin ecosystem based on larger scales of behavior from investors, strategies of accumulation, or patterns of distribution by participants.

Meanwhile, analyst Ali views the opposite landscape of events and points toward a major leap in profit-taking behavior by Bitcoin whales. Indeed, over three days, Bitcoin whales purged more than 80,000 BTC from large wallets, representing a total of $4.8 billion. He emphasized that investors, as well as holders, should be keen in their dealings since there are lots of actions from the whales.

There has been a significant spike in profit-taking by #Bitcoin whales!

Over the past three days, they've sold off more than 80,000 $BTC, equating to approximately $4.8 billion. Investors and traders are advised to proceed with caution! pic.twitter.com/M44jAIwutw

— Ali (@ali_charts) February 29, 2024

Resilience in Bitcoin Market Amidst Support Wall

However, in the middle of this havoc, some signs of market resilience are beginning to show for Bitcoin. It also reported on an impressively strong support wall, with a million addresses adding over 671,000 BTCs to their portfolios, which were in the $60,334-$62,155 price range. This accumulation zone is clear evidence of strong investor confidence and can become an important pole to keep the ground so that Bitcoin doesn’t fall anymore.

Further, analysis from CryptoQuant also indicates that the amount lost with Bitcoin has just reached its worst in history. This observation further sheds another insight for investors: in bullish times, the majority of supply is sitting on unrealized profit, and that does the exact opposite in bearish times.

This pattern allows analysts to identify potential market tops or bottoms because during these stages, the market tends to repeat itself and create identifiable patterns. This means that when this indicator gets to an extreme point, it signals that the prices are excessively high and prices will go down soon as a result. Therefore, investors should be watchful, especially if this indicator stays at an extreme level implying a higher likelihood of price volatility and market corrections.