The post Bitcoin Whale Holdings Continue to Drop, Hits 29-Month Low appeared first on Coinpedia Fintech News
Bitcoin (BTC) is seeing strong selling pressure with the ongoing uncertainties in the global markets. According to Santiment, due to the impacts of inflation and a global recession, “addresses holding 100 to 10k $BTC have lowered their percentage of supply held of #crypto‘s top asset to 29-month lows”. Supposedly, on-chain data suggests that the Bitcoin whale holdings continue to drop for 100 months in a row.
CryptoQuant data suggests that “whales seem to have intentionally opened short positions on the Derivatives Exchange and lowered BTC prices.” Amidst the ongoing market correction trend, Bitcoin’s social interest spiked and touched a new 2-month high. BTC price has seen ill effects of selling pressure and bears will be looking at the sub $18,000 levels if the sell-off in the broader market continues.
Source: https://coinpedia.org/crypto-live-news/bitcoin-whale-holdings-continue-to-drop-hits-29-month-low/