The Bitcoin Whales Market Saw Record Prices in November 2022
The Bitcoin “whales”, or those who have the most Bitcoin, have sold the most BTC over the past 30 days. This is according to Glassnode, a Blockchain Analytics firm. Whales currently control around 9 million BTC. This represents a significant portion of the 21 million BTC units total. These numbers are precise: Whales with 1,000 to 10,000 Bitcoins have 3.6 Million bitcoins.
Whales with 10,000 to 100,000 BTC control 1.9 Million BTC.
Whales with 100,000 BTC and more control 3.6 Million BTC.
The huge selling pressure mentioned above explains why Bitcoin prices have struggled to rebound despite the positive attitude surrounding the FTX issue. First, the strong bull market of 2020-2021 resulted a record-breaking blockchain total yearly realized returns. The largest amount was transferred shortly after BTC hit 69,000 in November 2021. This has led to a rapid decline in the market and a loss of almost $213 billion. This is 46.8% of the profit from the 2020-2021 bullish market. This is almost the same amount as the 2018 bad markets, which returned 47.9%. Believe in Bitcoin’s revival. According to the chart below it is very difficult for LTHs to sell their Bitcoins from May 2022 to the present. This is despite frequent market changes such as the collapses of LUNA/UST, Celsius – 3AC’s liquidity crisis and FTX’s massive disaster. Bitcoin remained stuck in the 16,000 – 17,000 USD zone at the end of the year. In fact, investors need cash to cover their expenses as the new fiscal year approaches. This is a time when traditional financial markets are “taking a break”. It is understandable that the LTH side lost patience and practical needs, which leads to BTC discharge in November 2022. The record difficulty drop indicates that most miners are still working. This website provides general market commentary but does not provide investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comChubbiCoincu NewsTags: #BitcoinBTCcryptomarketpricewhales