Connect with us
Active Currencies 13943
Market Cap $2,381,560,463,870.47
Bitcoin Share 51.61%
24h Market Cap Change $0.33

Bitcoin: Is following BTC whales even profitable?

2min Read

Some Bitcoin whales sold at a lower price and overlooked profit chances. Could this lead to short-term downward pressure on the market?

Share this article

  • Data showed major Bitcoin whales sold at an average of $40.5K.
  • Large amount of BTC moved to OTC desks in response to a Bitcoin ETF approval, signaling miners’ caution.

Even though the price of Bitcoin [BTC] has risen to higher levels, new data suggested that whales did not secure the most favorable deals for their Bitcoin.

Whales miss out

According to recent data, the average price at which big Bitcoin whales who’ve been actively trading in the last month sold their BTC is $40.5K.

This group consist of whales whose latest transaction occurred within the last 30 days, holds over 100 BTC, and have a wallet unlinked to centralized exchanges.

This indicates missed profit opportunities. Their actions might contribute to short-term downward pressure.

The realization that active whales didn’t maximize their profits might influence market sentiment. Traders may interpret this as a sign that even large holders aren’t confident in a sustained bullish trend.

What are miners up to?

In the last three weeks, 700,000 Bitcoin has been transferred to Over-The-Counter (OTC) desks, which are platforms favored by miners. This movement coincided with the approval of a spot Bitcoin Exchange-Traded Fund (ETF).

OTC desks are places where large Bitcoin transactions happen directly between parties, often used by miners and big investors for substantial trades.

This significant transfer of Bitcoin to OTC desks could indicate strategic actions by miners in response to the approval of a Bitcoin ETF.

The cautious approach of miners in utilizing OTC desks could also signal concerns about market conditions, potentially influencing broader investor sentiment and contributing to a more uncertain price trajectory.

Additionally, such significant movements away from traditional exchanges may limit the immediate visibility of these transactions in public markets, potentially leading to increased price volatility and unpredictability.

Moreover, daily miner revenue declined. Declining revenues could increase selling pressure on Bitcoin as miners will be forced to sell their BTC to keep up with mining costs.


Read Bitcoin’s [BTC] Price Prediction 2024-2025

Additionally, as the date for the halving inches closer, the potential of fee generation for miners declines further which could impact the price of BTC negatively as well.

At press time, BTC was trading at $51,847.69 as its price declined by 0.26% in the last 24 hours.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.