Experts have recorded the movement of "whale" bitcoins

Since November 2023, long-term investors have withdrawn about 148,000 BTC from wallets. According to Glassnode, this situation signals the start of profit-taking by this category of market participants.

Some of the funds could have gone into one of the approved ETFs, the other was spent, experts stressed.

To the above value, it is necessary to add 151 500 BTC, which accounted for GBTC.

As a result, since the peak in November last year (14,996,000 BTC), the total number of coins at the disposal of hodlers has decreased by 299,500 BTC. Experts explained that such behavior becomes characteristic as we approach the ATN.

At the time of writing, only 13% of bitcoins were "unprofitable" for their owners, usually long-term ones. Most of it is concentrated in the range from $40,000 to $45,000.

Among the hodlers, only 6.5% of the total number of coins had an unrealized loss (777,800 BTC). Analysts noted that the previous equally low values were previously associated with the early stage of the bull market (the only exception was 2019).

With regard to short-term investors, the last wave of "news sales" about the approval of ETFs led to a drop in the share of "profitable" coins from 100% to 57.5%. This could increase the pressure of the bears due to the drop in quotations below the purchase price.

Experts noted that such pullbacks often form local lows within the framework of medium-term upward trends.

Source: https://forklog.com/news/eksperty-zafiksirovali-dvizhenie-kitovyh-bitkoinov