According to data from the on-chain analysis firm Glassnode, Bitcoin whales have sold a total of 280,000 BTC over the past 30 days. Glassmode estimates that whales currently hold around 9 million BTC, making up nearly half of the Bitcoin’s total supply of 21 million BTC. Details as follow:
- Whales with between 1,000 and 10,000 BTC hold 3.6 million BTC
- Whales with between 10,000 and 100,000 BTC hold 1.9 million BTC
- And, whales with between 100,000 BTC and more hold 3.6 million BTC.
Huge selling pressure is the reason why Bitcoin price keeps dropping. It is unclear exactly why whales are selling BTC, but it may be related to fears around Binance and other crypto exchanges in the wake of the FTX collapse.
Bitcoin is currently trading around the $16,700 mark and the 24-hour buying and selling quantity is $12 billion. The leading cryptocurrency has been trading in the red as early as December 19, despite the fact that the global crypto market cap has risen 0.60% to $812.94 billion the previous day. The entire crypto market volume in the last 24 hours was $21.44 billion, down 23.51%.
The total DeFi volume was $1.17 billion, accounting for 5.46% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $19.30 billion, accounting for 90.04% of the total 24-hour volume of the crypto market.
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