Bitcoins
- Long-term Bitcoin whales sold US$271 million in BTC on Sunday, the largest single wave of OG selling since a US$280 million dump in January that triggered a 13% correction from US$90,000 to US$78,700.
- Despite the sell-off, Glassnode data shows long-term holder net positions swung from -152,000 BTC in February to +88,000 BTC by April 9, while exchange reserves hit 2.7 million BTC, the lowest since 2019.
- CryptoQuant analyst MorenoDV flagged the short-term Sharpe Ratio at -40, a level historically tied to major accumulation phases.
Long-term Bitcoin (BTC) holders sold about US$271 million (AU$392.95 million) worth of BTC in one day last week, the largest single-day outflow from early holders since January.
The previous spike, around US$280 million (AU$406 million), led to a 13% drop from US$90,000 to US$78,700. This time, price held steady.
Data from Capriole Investments shows the sell-off came from early holders, often referred to as OG whales.
Despite that, broader positioning has shifted back to accumulation. Glassnode data shows long-term holder net position change moved from -152,000 BTC in February to +88,000 BTC by April 9.
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Accumulation Outweighs Distribution
Balances held in accumulation wallets increased from 4.3 million BTC to 4.5 million BTC during the week. Whale wallets added 61,568 BTC over the past month. Exchange reserves fell to 2.7 million BTC, the lowest level since 2019.
CryptoQuant analyst MorenoDV pointed to several indicators suggesting the sell-off does not signal a broader downturn. The short-term Sharpe Ratio dropped to -40, a level that has historically aligned with accumulation phases.
The buy-sell pressure delta shows selling has slowed after a period of heavy distribution. MorenoDV said the data indicates a completed capitulation phase, where weaker holders exit and stronger hands take positions.
The January sell-off led to a prolonged decline that took weeks to recover. Current conditions differ. Exchange balances are lower, and accumulation metrics have turned positive. These signals point to steady demand absorbing supply rather than a continuation of selling pressure.
Bitcoin traded between US$70,000 and US$72,000 (AU$101,500–AU$104,400) through the week and reached US$71,727 (AU$104,004), as per CoinMarketCap.
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José Oramas Read More