The past month has seen a 12.90% decline in Bitcoin value, with whale-held supply hitting its lowest since 2019.
Changes in the Bitcoin Market
The supply of Bitcoin held by whales has reached a six-year low, indicating significant selling activity by large investors. This could be due to declining prices or anticipation of new buying opportunities. Such a shift may lead to a redistribution among retail investors, promoting market decentralization.
Whale Selling and Market Dynamics
Despite whale selling, the overall market demand for Bitcoin remains high, indicating an expanding investor base, which is critical for price stability. The netflow of Bitcoin on exchanges shows a higher demand than supply.
Future Price Movements of Bitcoin
While whale supply has declined, Bitcoin is not experiencing heightened selling pressure. The fund flow ratio to exchanges also suggests continued accumulation and holding. If Bitcoin consolidates above $84,640, it could find a local bottom before aiming for new all-time highs; otherwise, $64,700 is a likely target.
Despite active whale selling, strong overall demand and investor holding intent create conditions for Bitcoin's future stability and potential growth.
