On-chain data reveals that another whale dumps 10,000 BTC.
The whale sells its BTC holding for a loss of $222 million.
Following the whales' activities, the BTC price became highly volatile.
The price of BTC struggles to climb above $17.5k. Following the collapse of FTX, the BTC price has failed to exhibit any major upward move and remains under pressure.
On December 10, Whale Alert revealed in a tweet that a whale had transferred 9,901 BTC worth $170 million to the crypto exchange Kraken.
On-chain data shows that the Bitcoin whale spent $391.91 million for 9,901 BTC on July 29, 2021. The BTCs have not been transferred since the date, and there have been no further transactions in the wallet. The whale sold his Bitcoin holdings for a $222 million loss.
Analyst Ali Martinez also revealed that approximately 33 whales with 1,000 to 100,000 BTCs have left the network. In fact, in the last 96 hours, these whales sold or redistributed over 20,000 BTC. There are now only 2037 wallets holding 1,000 to 100,000 BTC.
However, an on-chain data platform tweeted that Bitcoin and Ethereum supply on crypto exchanges is now at a 4-year low. As a result, it signals a lower risk of a sell-off.
As previously reported, whales are still dumping their Bitcoin holdings. Since June 2022, whales have continued to reduce their Bitcoin holdings, selling over 367k BTC. Furthermore, whales with 1k-10k BTC continued to liquidate their Bitcoin holdings until November during the miner capitulation phase. To confirm a Bitcoin surge, traders must see whales growing their BTC holdings.
Analysts like Michael van de Poppe and "Wolf of Wall Street" Jordan Belfort believe Bitcoin can rally if it hits $18,000, with $16.5k serving as a significant support level. However, the BTC price has yet to break through $17.3k, and on-chain data indicates that $18k is a solid resistance level.
Furthermore, miner capitulation and whales liquidating their BTC holdings imply uncertainty. On-chain data predicts that BTC will hit a low of $12.8k, the Bitcoin delta price.
Read also: BITCOIN PRICE ANALYSIS CMP-$17,150: BTC: Is this the quiet before the storm?
