Bitcoin (BTC) was able to hold above $ 60,000 despite a sale by whales earlier this month.
CryptoQuant analysts recorded a surge in whale activity after Bitcoin found support in the $ 60,000 region. BTC's stock balance surged in the early days of November, after which large cryptocurrency holders began dumping their reserves to capitalize on the October rally.
CryptoQuant CEO Key-Young Joo highlighted that 90% of the cryptocurrency that has entered trading platforms since the end of last month is funded belonging to whales. It was these large addresses that staged the sale and stopped Bitcoin's ascent to $ 70,000.
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Note that the whales have made a key contribution to creating the conditions for the BTC jump. Last month, the number of wallets holding more than a hundred coins reached 16,156, the highest since May 2021.
The crypto giants first pumped up BTC to reach the highest values and then sold part of their reserves to make good money, the analyst said.