Report: Bitcoin whales have been actively selling their holdings in the past hours


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The number of large Bitcoin addresses on the network has reached its lowest level in three months, according to data provided by the Analytics platform Glassnode.

The current number is equivalent to the figures recorded in September 2021.

Decreased number of addresses with more than 100 bitcoins:

The number of unique addresses with 100 bitcoins or more has fallen to October levels, indicating that the majority of the market no longer wants to trade the asset or continue in a bear market.

Currently, it is noticed that there are low levels of trading flow on Bitcoin, as the amount of USDT funds received by the exchanges currently remains relatively high compared to the period when Bitcoin was trading near $ 60,000.

The metric tends to show an almost complete correlation with the price of Bitcoin, with the number of wallets holding Bitcoin likely correlating with their performance, which has not been positive in the past few weeks.

Bitcoin price drop:

Due to increased selling pressure on Bitcoin, the asset has unfortunately fallen further, causing another series of liquidations of long positions.

In addition to Bitcoin, large market cap cryptocurrencies have also fallen, losing up to 50% of their value.

Bitcoin reached its last observed price in July when the first correction since the 2018 low appeared in the market.

At press time, Bitcoin is trading at $36,400 levels with a 3% gain in the last 24 hours.

Read also:

The pros and cons of the central bank digital currency “CBDC” according to the Federal Reserve

The US White House plans to issue executive orders on cryptocurrencies

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