Whales Are Moving Their Bitcoins: Experts

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Since November 2023, there has been a significant withdrawal of approximately 148,000 BTC from the wallets of long-term investors.

According to Glassnode, this trend suggests that these market participants are beginning to take profits. It is possible that some of these funds were invested in approved ETFs, while others were used for spending purposes, according to experts.

In addition, 151,500 BTC has also been added through GBTC, bringing the total decrease in hodlers’ BTC since the November 2023 peak to 299,500 BTC. This behavior is common as the market approaches all-time highs, analysts explained.

At present, only 13% of the total BTC supply is “unprofitable” for its owners, who are typically long-term investors.

The majority of BTC purchases have been concentrated in the $40,000 to $45,000 range, as shown in the chart below. Furthermore, just 6.5% of all BTC held by hodlers are currently facing unrealized losses (777,800 BTC).