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Glassnode, the cryptocurrency market aggregation firm, has released a new report showing that whales have offloaded massive amounts of Bitcoin that they’ve been accumulating and holding. Any wallet address holding more than 1,000 Bitcoin is considered a whale by the aggregation firm.
As per the report, the number of whales in the market has increased by more than 14% in the past six weeks as investors are buying into the market to reap the rewards of the surging cryptocurrency.
Bitcoin Whales buying trend in January and offloading in February
According to Glassnode, there was a peak in whale activity, as the large-scale investors bought Bitcoin at around 80,000 Bitcoin accumulated to the addresses. At the price of Bitcoin today, that’s looking at more than $3.84 billion USD investments. However, the trend seems to have gone towards offloading tokens this month. The data shows that the whale investors could either be looking to be taking in profit and selling their Bitcoin or could be simply moving their tokens out. With more than 140,000 Bitcoin offloaded since the beginning of February, this is approximately looking at a $6.72 billion USD moved out of whale accounts this month. However, it’s worth pointing that offloading activity might not be selling. In fact, it could be bullish that whales are offloading their Bitcoin as it could mean they’re storing their tokens for longer investment without trading.
As per Glassnode:
“This wallet behaviour suggests a sizeable portion of these coins may not be sold, but instead being restructured in custodial wallets… [One] could hazard a guess that this behaviour is indicative of very long term custodial holdings and coins are entering deep cold storage. So whilst coins are on the move and larger balances are being reclassified, it does not necessarily suggest an end to whale spawning season “