Bitcoin’s $30K support gives way as metrics suggest whales are selling

23 Jun 2021

???? BTC | $31,913(+570, +1.8%)

???? ETH | $1,834 (-49, -16.2%)

???? XRP | $0.53 (-0.06, -11.0%)

???? LTC | $116 (-5, -4.5%)

A plunge for Bitcoin to $29.5K immediately drew a rally to $33K in a matter of hours, as metrics (Whale Capitulation Index) show a spate of selling activity from Bitcoin Whales. Active addresses in both Bitcoin and Ethereum have both fallen by around a quarter – a generally bearish signal.

Bitcoin on-chain data also shows that most of the addresses selling recently continue to be short-term holders of six-months and less, mostly selling at a loss. Interestingly, long-term holders have continued adding to their positions.

The largest migration of Bitcoin hash-power ever is underway thanks to Chinese regulators chasing miners out of the country. This is causing a massive chop in Bitcoin’s hash-rate, although it is now holding strong around early 2021 levels – when Bitcoin was trading around current prices as well.