On November 14, cryptocurrency analyst Alí Martinez shared on-chain data revealing that on November 3, Bitcoin whales began taking profits as the BTC price rose from $35,000 to nearly $38,000.
Martinez reported that during the recent surge in Bitcoin prices, driven by BlackRock, the world’s largest asset manager with $9.42 trillion in assets under management, which applied for a Bitcoin spot ETF approval from the SEC in June, over 15 wallets holding more than 1,000 BTC sold or redistributed their assets.
Selling or redistributing cryptocurrencies during price uptrends is common behaviour among large holders in the crypto market, allowing them to lock in profits during periods of volatility and uncertainty.
Bitcoin Whales Sell 60,000 BTC in a Week
On November 13, Martinez reported that Bitcoin whales had started taking profits, totalling over $2 billion in sales of the market’s primary digital asset.
“Bitcoin whales have been taking profits, selling, or redistributing around 60,000 BTC over the…