Mammoth BTC Whale: The Chinese Government Holds More Bitcoin Than Michael Saylor

bitcoin Whales Start Selling as BTC Price Increases

On November 14, cryptocurrency analyst Alí Martinez revealed on-chain data indicating that during the recent surge in bitcoin prices, 15 wallets holding more than 1,000 BTC sold or redistributed their assets as the price rose from $35,000 to nearly $38,000.

This surge in bitcoin prices was driven by BlackRock’s application for a bitcoin spot ETF approval from the SEC in June. Many of the assets were sold or redistributed during this time, allowing large holders to lock in profits during periods of volatility and uncertainty.

bitcoin Whales Sell 60,000 BTC in a Week

As of November 13, bitcoin whales had sold over 60,000 BTC, totaling more than $2 billion in sales of the primary digital asset, as reported by Alí Martinez.

Major Whales’ selling of bitcoin highlights their strategic approach to securing quick profits, especially when the BTC price faces significant psychological barriers around $38,000 and $40,000.

Where Is the bitcoin Price Heading?

Several analysts foresee a potential increase in bitcoin towards the $43,000 zone after a bullish surge following months of stagnation. Veteran trader and analyst Peter Brandt believes that a bullish pennant is forming in BTC, which could propel the cryptocurrency to that level.

The formation of this pattern suggests that the market is taking a temporary break after a sharp rise, but it does not imply a change in the positive trend of the asset. Brandt and CryptoJelleNL agree that if this bullish formation materializes, the BTC price could surpass $43,000. However, warnings from other analysts about a possible bearish divergence have made both the bulls and bitcoin whales cautious.

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