 
 
The digital asset market has recorded mixed Bitcoin (BTC) activities, leading to sideways trading over the past week. Recent inflows to centralized exchanges, as well as large sales, have impacted the bullish outlook seen at the start of the quarter. Altcoins were also affected, although assets like Ethereum (ETH) and BNB bucked the market trend.
Ancient Bitcoin Whales Increase Outflows
In the last seven days, 10-year Bitcoin whales have sold huge volumes of crypto assets. These groups began accumulating around 2014, although some have held assets without sale for about 14 years. On-chain data shows that whales increased holdings from Q4 2023 at the time of the bullish market recovery.
This points to massive profit taking, sending bearish signals to retail holders. At the time of purchase, BtC traded around $1000 per coin, bringing gains up to 117,000% at present market prices. Bitcoin soars to a new all-time high above $122k before a slight correction to above $118k.
According to CryptoQuant analysts, the actions of these decade-old whales show strong buying potential for new entrants based on price expectations. “At that time, Bitcoin rose from below $100 to around $1,000, which translates to a maximum return of approximately 117,900% based on a $100 entry. These whales have every reason to take profits, and their actions provide strong motivation for many investors to consider long-term Bitcoin holding.”
The recent sales can also be seen in the decrease in United States institutional holdings, with the possibility of forming a death cross. “In the short term, when the percentage of bitcoin held by U.S.-based institutions decreases, Bitcoin price has shown medium to long-term sideways movement and correction phases. Currently, the percentage of bitcoin held by U.S.-based institutions is showing bearish signs, with the possibility of a death cross formation increasing.”
 
For most commentators, institutional funds are moving toward altcoins, triggering a mini rally. BNB tapped an all-time high this week after traditional firms accumulated the asset for treasury reserves. Similarly, Eth holdings also spiked in the same period with SharpLink, BTCS, and BitDigital making huge purchases. This week, SharpLink added $295 million worth of ETH to its reserves, holding over $1.6 billion.
However, traditional investors still project an incoming Bitcoin uptrend to end the year, citing macroeconomic factors and soaring adoption. It should be noted that these factors are hinged on emerging rule clarity in the market.
Source: https://zycrypto.com/decade-old-whales-increase-sales-amid-sideways-bitcoin-pattern/