Bitcoin Whales Sells 50,000 BTC as Dormant Ones Transfers 3,422 Tokens Worth $324.2 Million

• Bitcoin whales have sold 50,000 BTC over the past 10 days

• 2 dormant whales wake up after a decade and transfers 3422 BTC worth $324.2 million

Bitcoin Whales Sell 50,000 BTC

After Bitcoin rallied past $97k, whales have entered the market to take profit. Thus, profit realization among Bitcoin large holders has surged over the past 10 days.

As observed by Crypto analyst Ali Martinez, whales have been on a selling spree, offloading 50,000 BTC over the past 10 days. Such a spike in selling activity reflects strong profit-taking behavior from large holders.

The accumulation patterns of Bitcoin whales and the trend. Whales accumulate 50k BTC in 10 days

Amidst this selling activity, even dormant whales are waking up after many years. According to Lookonchain, 2 whales with 3,422 BTC worth $324.2 million just woke up after over a decade of dormancy. One whale transferred 2,343 BTC worth $221.7 million to a new wallet after being dormant for over 10 years. Another whale transferred 1,079 BTC worth $102.52 million to a new wallet after being dormant for 12 years.

Cryptocurrency wallets labeled as "whales" show activity after a decade of dormancy, hinting at significant blockchain movements.

The increase in whale movement is particularly concerning because these whales may be preparing to sell. Mostly, when dormant whales wake up, they may sell not only to take profit but also to enjoy their investments. If these whales also turn to selling, it could result in massive selling pressure, thus resulting in a higher downward pressure, causing BTC to drop further.

What Whale Activity Mean for BTC

At the time of writing, Bitcoin was trading at $94,602 after a 0.44% increase over the past 24 hours. On weekly charts, BTC is down by 0.64%. During the period that whales have sold over 50,000 BTC, BTC has remained stuck within a consolidation range.

A continuation of the selling by large holders will see BTC continue to hold within this level as buyers absorb the sell pressure. For an upward movement, sellers need to reduce their selling activity, thus strengthening BTC for an upswing. Therefore, the next move is strongly dependent on whale activity. If sell-side activity rises, Bitcoin will drop or continue to consolidate and vice vas.