Bitcoin Holds Above $80K Despite Whale Sell-Off
Key Takeaways
- Activity on the Bitcoin network is currently below the yearly average – a potential signal for a “bear market” scenario.
- Large market participants (whales) and miners sold approximately 45,000 BTC combined over the past week.
- Despite this, the Bitcoin price remains stable above the 80,000 USD mark.
- Some investors are beginning to rebuild their positions – according to the Accumulation Trend Score.
- Demand from U.S. retail investors is currently neutral but could be a key factor in future price movements.
Network Activity in Decline
According to data from CryptoQuant, Bitcoin network activity has fallen below the 365-day moving average. This indicator includes several metrics such as active addresses, block space demand, and the average number of transactions per block. A drop below this average has often been associated with bear markets in the past – such as in 2018 and 2022.
Sales by Whales and Miners Increase Pressure
Over the past week, so-called whales – investors holding large amounts of BTC – sold around 30,000 BTC. At an average price of 82,000 USD, this corresponds to a volume of approximately 2.5 billion USD. Bitcoin miners also sold around 15,000 BTC. The reason: their profit margin has dropped to about 33%, apparently prompting them to sell.
This wave of selling has pushed Bitcoin accumulation to its lowest level since February. In other words: fewer market participants are currently actively buying BTC.
Strong Hands Remain Active
Despite weak network activity and large-scale selling, the Bitcoin price remains stable above 80,000 USD. According to Bloomberg ETF analyst Eric Balchunas, this is mainly due to institutional investor demand via U.S. spot Bitcoin ETFs and purchases by Michael Saylor, CEO of MicroStrategy.
Glassnode also notes that some large investors are re-entering the market. The so-called Accumulation Trend Score currently stands at 0.34 – the highest value this year. This score measures how strongly wallets are accumulating BTC. A rising score indicates that larger market participants are buying again despite the price decline.
Coinbase Premium Index as Sentiment Indicator
Another important factor is the so-called Coinbase Premium Index. It measures the difference between the BTC price on Coinbase (a U.S. exchange) and other international exchanges. Currently, this value is at a neutral level. This means that demand from U.S. retail investors is neither particularly high nor low.
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An increase in this index could indicate growing demand from the U.S. and support a recovery in the Bitcoin price. Conversely, a decline in the index would be another negative signal for the market.
Our Assessment
The current market situation for Bitcoin is mixed. On one hand, key network data shows weakness – a warning sign for short-term declines. On the other hand, the price remains stable, and some large investors are re-entering the market. This suggests the possibility of a bottom forming.
As an investor, this means: closely monitor network activity and the Coinbase Premium Index. These two factors could be decisive in determining whether Bitcoin continues to rise in the coming weeks or comes under renewed pressure.
Sources
- CryptoQuant
- Glassnode
- Bloomberg
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | $95,049.00 |
| 24h % | 1.79 % |
| 7d % | 12.64 % |
| 30d % | 9.57 % |
| 60d % | 0.86 % |
| 1y % | 48.61 % |
| Market Cap | $1,887,485,402,454.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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