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Bitcoin whales are dumping billions of dollars into the market
After those initial sell-offs in early November, there appeared to be a slowdown in sales, nevertheless it didn't last very long. On-chain data platform Lookonchain reported that the whales were at it again, and this time one in all the whales had returned and appears to be selling the remainder of its holdings.
Bitcoin founder Owen Gunden is at the middle of all these sales, recently transferring the last of his sizable Bitcoin holdings to a centralized exchange. In total, Gunden sent 3,549 BTC price $362.84 million to the Kraken exchange on the time of the transaction, after previously sending 600 BTC price $61.17 million. In total, Gunden sent 11,000 BTC price $1.12 billion to exchanges, presumably on the market.
Why sales are increasing
With these early Bitcoin whales on the move and creating significant selling pressure out there, the query arises as to why these investors are selecting to sell now after such an extended wait. This comes because the $100,000 mark stays under threat and these multi-billion dollar sell-offs could trigger a bear market.
As members of the crypto community search for deeper meaning within the sell-offs, crypto influencer Udi Wertheimer gave a brief and precise answer: The OGs are simply taking profits. These whales had purchased their BTC when it was dirt low-cost and have held on to their supply for about 15 years. Since they’ve grown significantly since then and most have grow to be billionaires, it is just natural for these whales to sell and money out their profits.
Instead of asking why whales are selling, Wertheimer explains that investors should actually be asking, “Why hasn’t the BTC price dropped -70% when so many OGs are selling?” Given the strength Bitcoin is demonstrating amid the selling, the crypto influencer believes “that ought to keep the bears up at night.”
BTC price rises to $015,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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