Large BTC holders could have taken profits at highs by selling 140,000 BTC in February as stated in the report of the analytical company Glassnode.
We also study large wallets shuffling holdings and what it may tell us RE institutional hodlers
More in The Week On-chain?https://t.co/hg22zegl71
— glassnode (@glassnode) February 22, 2021
Analysts write that since the beginning of February, bitcoin wallets with assets from 1,000 BTC to 10,000 BTC have reduced stocks by 140,000 BTC worth $ 6.72 billion. In January, whales bought more than 80,000 BTC.
Holders of wallets with assets from 100 BTC to 1000 BTC did differently. In January, they sold 95,000 BTC for $ 4.56 billion, and in February bought 117,000 BTC for $ 5.61 billion.
Bitcoin wallets with assets from 10 BTC to 1000 BTC are getting rid of reserves for the fourth month in a row. Since November 2020, they have sold 128,000 BTC for $ 6.14 billion.
The analytical company suggested that the whales could not sell the assets, but distribute them. According to the report, in January, holders preferred to keep between 1,000 BTC and 10,000 BTC on the wallet. In February, analysts write, the trend shifted in favour of a larger number of addresses with a smaller remainder.
“Perhaps coins are being placed into multi-signature schemes or custodians are undertaking internal shuffling to meet client requirements,” suggested Glassnode.