The price of the flagship cryptocurrency Bitcoin (BTC) has moved up 3.3% over the past week and in that period, which brought its year-to-date performance to 119%, large holders have dumped more than $2.2 billion worth of BTC on the market.
According to popular cryptocurrency analyst Ali Martinez, Bitcoin whales have been realizing their profits over the past week after redistributing around 60,000 BTC worth around $2.22 billion, after a 30-day rise of 34.8% for the cryptocurrency.
Martinez’ analysis was based on on-chain data from crypto analytics firm Santiment.
The price of BTC has recently briefly dropped below the $36,000 mark after data from the US Department of Labor revealed that last month inflation pressures eased in the country, showing core consumer prices, which exclude food and energy, dropped to the lowest level in two years and cast doubt on the Federal Reserve’s plans to raise interest rates soon.
The Labor Department reported that the overall consumer price index for October was 3.2%, much lower than the 3.7% recorded in September and below the market expectation of 3.3%. Compared to the previous month, inflation was flat in October, down from 0.4% in September and 0.6% in August.
Core inflation, which is a more stable measure of price changes, slowed to 4.0%, the weakest since 2021, while the monthly increase of 0.2% was also in line with analysts’ forecasts. Reacting to the numbers the S&P 500, the stock market’s benchmark index, rose significantly.
Not all whales are selling, however. As a massive BTC whale has amassed over $500 million worth of the flagship cryptocurrency since the beginning of the year, and their dollar-cost averaging strategy has seemingly been working as their unrealized profit now exceeds $126 million.
Data from Bitinfocharts revealed that this whale’s wallet, empty until January 17 (coinciding with the BTC surge past $20,000), started filling rapidly. By early March, the whale had acquired almost 4,000 BTC, and following BlackRock’s spot Bitcoin ETF filing, they more than doubled their holdings.
Featured image via Pixabay.