Why do whales keep Bitcoins?
By Yaroslav Krasko Updated November 21, 2021
Recently, the Glassnode analytical company released a new weekly update of fundamental metrics.
One of the main fundamental metrics is the number of long-term coins sold.
This chart shows how in 2017, after Bitcoin peaked at $ 20,000 and entered a bearish trend, each growth was met with a huge number of sales. These were sales of long-term coins. After each flash of sales, bitcoin fell sharply in price.
At the moment, there have not been such significant outbreaks of sales as in 2017. This indicates that long-term coin holders are waiting and not ready to sell at that price.
The recent fall in bitcoin from 60 thousand to 30 thousand and a slight increase in sales of long-term coins is more like the fall in price in 2017 from $ 5,000 to $ 3,500, after which BTC in 3 months increased by 500% to 20 thousand dollars. We have shown this point in more detail in the chart below.
Maybe now the price is in a similar situation, but soon bitcoin will show a new wave of growth to the mark of 100 thousand dollars and above.