These whales dropped their holdings but never purchased them back, but here's why it might be bullish
Whales dropping their holdings, the number of wallets holding 1,000 or more BTC on their addresses has rapidly dropped after the first cryptocurrency almost reached $70,000. Such a large drop in the number of addresses confirms that whales dropped the majority of their holdings on retail traders back at ATH.Previously, whales took massive profits in the summer when Bitcoin's price plunged below $30,000.
But at the same time, due to a sudden inflow of funds from both private and institutional investors, the market was able to swiftly retrace and reach new highs.Approximately 500 addresses that were previously holding more than 1,000 BTC sold did not buy back any of their coins during the current downtrend on the market. This fact confirms that there is still plenty of Bitcoin supply in the hands of exchanges rather than whales or large investors.
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