Glassnode – Whales Sold Off 140,000 Bitcoins in February Feb 24, 2021 Feb 24, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsFebruary 24, 2021 by Kelly Cromley

Glassnode – Whales Sold Off 140,000 Bitcoins in February

As per a report published by cryptocurrency market data collector Glassnode, large investors (also referred to as ‘whales’) in Bitcoin sold off huge quantities of Bitcoin this month. Glassnode categorizes any address holding 1,000 to 10,000 Bitcoins as a “whale.” It also calls addresses holding over 10,000 Bitcoins as “humpback whales”. The report identified that the count of whales rose by over 14% in the year ending February 5, 2021.

Earlier in January, whales and humpbacks hit a peak in purchase of Bitcoins. Together, whales and humpbacks bought 80,000 Bitcoins worth about $3.84 billion at current prices. However, things reversed in February with whales and humpbacks resorted to profit booking, liquidating 140,000 Bitcoins worth $6.72 billion since the beginning of the month.

A study of the data indicates that whales and retail investors share an inverse-correlation. Glassnode pointed out that “dolphins” and “sharks”, reflecting addresses holding 100Bitcoins and 1,000 Bitcoins, liquidated 95,000 Bitcoins valued at $4.56 billion in January, but turned bullish in February, together buying 117,000 Bitcoins (valued at ~$5.61 billion) since the beginning of this month:

“Important to note is how the supply changes for the Dolphin/Shark class (purple) and Whale/Humpback class (green) are mirrored in volume and shape. Where one class sees increasing volume, the other sees decreasing volume (and vice-versa).”

Addresses holdings 10 Bitcoins to 100 Bitcoins, referred to as “Octopus” and “Fish”, respectively, have been diluting their holdings since November 2020, liquidating over 128,000 Bitcoins (valued at $6.14 billion) in just four months. The 20% drop in Bitcoin this week paved way for huge activity by whales, but was outclassed by a smart whale who booked $156 million in profits before the decline started on Monday.

Worries over further decline may have faded as a recent research report from trading platform CrossTower states that institutional purchases will continue to keep Bitcoin over $50,000 in the months ahead.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.