- On May 31, profits of $447 million were made, which was the most in the last two weeks.
- Since the beginning of this month, the number of BTC whales has dropped by a lot.
After Bitcoin’s weekend surge, it struggled to stay over $31,000. BTC’s value has declined more than 7% from the local peak and was trading around $30,000 at time of writing.
On-chain analytics imply BTC investors made large profits in recent days. Investors also lost much as it sank to $29,500 yesterday. Santiment reported May 31 profits of $447 million, the most in two weeks.
Fresh buying below $30,000 offered Bitcoin’s price action some relief for hodlers. Santiment data shows that significant players have cut their holdings. As the data below shows, the number of BTC whales has declined substantially this month. At the time of writing, the metric was 1,739.
Long-term BTC holders are selling, but so are traders and short-term investors. Long-term investors may retain coins for over a year, whereas short-term investors sell after a few months.
Glassnode Studio data shows that 1 to 3 month-old supply has dropped in the past week. After BTC’s relief rally above $32,000, short-term players sold their BTC holdings and made profits.
Investors are making profits/losses on every increase, based on previous buy/sell activity. Bitcoin’s short-term gain seems limited. Due to protracted consolidation around $30,000, BTC may hover over this support in the following days.
Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.