cryptoglobe.com
Major Bitcoin ($BTC) holders, colloquially known as whales, have been cashing out and taking profits, as data from the cryptocurrency’s blockchain shows addresses holding over 1,000 BTC, worth over $70 million, have seen a 4.83% drop in two weeks.
That’s according to on-chain Ali Martinez, analyzing data from Glassnode, who pointed to the trend of “increasingly cashing out” whales. Martinez’s findings, shared on the microblogging platform platform X (formerly known as Twitter), show a decrease that coincides with Bitcoin’s price rise this year of nearly 70% to a new all-time high of over $72,000.
Recent data reveals a notable trend among #Bitcoin whales. Those holding over 1,000 $BTC are increasingly cashing out, resulting in a 4.83% drop in such #BTC addresses over the last two weeks. pic.twitter.com/IL7OQAGSwE
— Ali (@ali_charts) March 12, 2024
While on-chain data shows that large BTC investors are now cashing out, cryptocurrency investment products saw record weekly inflows of $2.7 billion over the past week, with Bitcoin and Solana ($SOL) investment products seeing more inflows than others, while Ethereum ($ETH) products saw outflows of $2.1 million.
According to CoinShares’ latest Digital Asset Fund Flows report, Bitcoin investment products saw inflows of $2.63 billion over the past week, while Solana-focused investment products saw $23.6 million of inflows, towering above products offering exposure to other altcoins.
The $2.7 billion of inflows seen last year bring total year-to-date inflows to $10.3 billion, which according to the firm coms “just shy” of the $10.6 billion record inflows seen for the whole of 2021, when Bitcoin’s price hit its high near $69,000.
Bitcoin’s price rise saw its total market capitalization surpass that of silver and get around $250 billion away from surpassing the total market capitalization of tech giant Alphabet, the company behind the world’s largest search engine Google, as well as the world’s largest video-sharing platform YouTube.
Featured image via Pixabay.