On-chain data suggests Bitcoin whales are offloading BTC at record pace

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Source: Adobe/DedMityay

Bitcoin (BTC) whales are now unloading coins at a rate never seen before, measured on a 30-day basis.

In total, whales have offloaded some 280,000 BTC over the past 30 days, data from on-chain analytics firm Glassnode showed on Sunday. That’s the highest number of any 30-day period, according to the company.

It is estimated that so-called Bitcoin whales – defined as those holding more than 1,000 BTC – control a total of 9 million BTC. The massive number represents nearly half of the circulating BTC supply, which currently stands at 19.24 million BTC.

Broken down into smaller segments, data from Glassnode showed that whales with between 1,000 and 10,000 BTC hold a combined 3.6 million coins, those with between 10,000 and 100,000 BTC hold a combined 1.9 million coins and those with more than 100,000 BTC in their wallets hold 3.6 million coins.

Source: Glassnode

It’s unclear exactly why Bitcoin whales sold coins, but it could be related to fears around Binance and other crypto exchanges following the collapse of FTX. Questions have been raised online after Binance released its proof of reserves report by audit firm Mazars, which some say is of little value.

Others, such as on-chain analysts at CryptoQuant, said Binance’s on-chain reserves “do not show ‘FTX-like’ behavior at this point.”

Despite news of the record whale sale, the price of bitcoin has remained remarkably stable over the past 24 hours. At press time on Monday, the price was up just 0.1% in the past 24 hours to 16,743. In the past 7 days, the price was down just 2%.

Bitcoin price over the last 7 days. Source: CoinGecko

Bitcoin’s supply is capped at 21 million coins, a milestone expected to be reached in 2140. However, many coins have been lost over the years, meaning the actual circulating supply is expected to be much lower. that.

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