Wallets holding large amounts of Bitcoin have tended to actively sell their holdings. The cryptocurrency market remained in the red zone with the decline of the leading Bitcoin. BTC continues to struggle as it tests the $33,000 area during the day.
Whales Sell Their Assets
The number of major Bitcoin addresses on the network has reached a three-month low, according to on-chain data provided by the Glassnode analytics service. The recorded value is currently down to September 2021 levels. The number of whales holding 100 or more BTC has dropped to October levels. This indicates that the majority of the market is now willing to sell the asset and participate in the bear market.
While low capital inflows are currently observed, the volume of USDT funds BTC currently receives remains relatively high compared to when the leading asset was trading close to $60,000. The number of wallets holding BTC has declined over the past few weeks due to negative performance.
Losses Increase in Bitcoin
Due to the increasing selling pressure on Bitcoin, the leading cryptocurrency suffered significant losses in the bearish session, leading to the liquidation of its long positions. In addition to Bitcoin, large-cap altcoins have also lost almost 50% of their value. Ethereum dropped to $2,158 during the day, while Solana dropped to $86. The reason for Solana’s decline is known to be scalability issues in the blockchain.
Bitcoin anchored at the price recorded in July, when the first correction since the 2018 decline appeared in the market. Bitcoin price is trading at $ 34,190 at the time of writing.