Bitcoin whales sell $1.86B, price stays bullish
Key Takeaways
- Bitcoin whales have sold around 30,000 BTC in recent days, equivalent to approximately $1.86 billion USD.
- The Bitcoin price remains stable despite selling pressure and continues to show an upward trend.
- Liquidation of short positions has increased, further supporting the upward trend.
- The Market Value to Realized Value (MVRV) indicates that short-term Bitcoin holders are currently seeing about a 5% profit.
Bitcoin Whales Realize Profits
Bitcoin whales, i.e., investors holding large amounts of BTC, have realized significant profits in recent days. A look at Bitcoin’s price development shows that on September 17, the price broke through a short-term resistance level. This breakthrough led to a rise of over 3%, with the price climbing to approximately $60,300 USD. In the following days, the upward trend continued, and Bitcoin reached a peak of around $63,362 USD.
According to data from Santiment, large Bitcoin holders sold over 30,000 BTC in the last 96 hours, equivalent to approximately $1.86 billion USD. Despite these sales, the Bitcoin price remains stable and continues to show a bullish trend. The Relative Strength Index (RSI), an indicator of trend strength, remains above 60, indicating positive market sentiment.
Short-Term Holders Make Profits
In addition to whales, short-term Bitcoin holders have also benefited from the recent price increase. The Market Value to Realized Value (MVRV) for the last 30 days shows that these holders are currently seeing an average profit of around 5%. The MVRV indicator measures the difference between the current market value and the price at which the coins were last moved. A value above zero suggests that most holders are in profit.
On September 17, the MVRV value crossed the zero mark and has been steadily moving upward since. This aligns with the profits realized by whales in recent days.
Liquidations of Short Positions Increase
With the rise in Bitcoin’s price, the liquidation of short positions has also increased. Short positions are bets that the price of an asset will fall. According to Coinglass, short positions worth over $146 million USD were liquidated between September 17 and 21. In comparison, long positions, or bets on rising prices, worth around $63 million USD were liquidated.
The liquidation of short positions reinforces the upward trend, as traders are forced to close their positions, creating additional buying pressure. Additionally, the BTC funding rate remains positive, indicating that more buyers than sellers are active in the market.
Our Assessment
The Bitcoin market remains stable despite recent profit-taking by whales. The increasing liquidations of short positions and the positive funding rate suggest that the upward trend could continue. Short-term holders are already benefiting from rising prices, and the MVRV indicator shows further potential for gains. However, it remains to be seen whether the market can absorb the selling pressure from whales in the long term. It is advisable to closely monitor market indicators and the behavior of large investors.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $97,271.00 |
| 24h % | -1.09 % |
| 7d % | -4.40 % |
| 30d % | 3.37 % |
| 60d % | 44.64 % |
| 1y % | 121.35 % |
| Market Cap | $1,921,300,316,286.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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