Analysts at Glassnode argue that the recent wave of Bitcoin whale sales is a typical part of a late-stage crypto cycle when older hands take profits.
Bitcoin’s recent wave of whale selling pressure is typical of a late-stage crypto cycle and should be no more concerning than it has been in the past, according to analysts from Glassnode.
On Thursday, a major Bitcoin whale, identified as trader Owen Gunden, made moves toward selling, transferring 2,400 Bitcoin (BTC), worth $237 million, to the crypto exchange Kraken, according to blockchain analytics platform Arkham.
It adds to a recent spate of Bitcoin whales seemingly shifting away from the cryptocurrency.
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