Bitcoin Whales Made Less Profit in February

At the start of this month, the price of Bitcoin was around $102,398.17. Since then, the market has experienced a decline of 5.77%.

Bitcoin whales, or large holders of the cryptocurrency, have seen lower realized profits in February compared to January, a report has found.

Earlier in the year, large BTC holders, defined as those holding 10 to 10,000 BTC, made around $3 billion in realized profits, according to the report by a crypto intelligence firm.

In January, the price of BTC was around $93,569.38 at the beginning of the month. Between January 1 and 6, the market experienced a sharp climb of 9.25%. However, between January 7 and 9, the market dropped by 9.46%. Later, with a sharp upward momentum of 14.61%, the market recovered from the previous correction.

Between January 16 and 31, the market remained within the range of $99,995 and $106,190. At a point on January 20, the market touched as high as $109,603.27.

In January 2023, the BTC market recorded a growth of 9.54% — far higher than the 0.87% growth experienced the same month in the previous year.

It appears that the market conditions, with prices rising to new highs in January, may have encouraged large BTC holders to take profit.

Bitcoin Price Remains Strong Above $90K in February

Despite large BTC holders seeing lower realized profits in February, the BT market has not experienced any significant price drops.

In the first two days of February, the Bitcoin market plummeted sharply by 4.68%. At a point on February 3, the market touched a low of $91,235.33. However, on February 5, the market entered a range of $98,305.18 and $95,666.64. As of now, the BTC price stands at $96,472.30, indicating that the market still remains inside this range.

The current price trend indicates that the Bitcoin market remains stable above $90,000.

Are Bitcoin Whales Changing Their Market Strategy?

The stability in Bitcoin prices suggests that selling pressure from whales is being controlled. Instead of mass selling, large holders seem to be adjusting their approach by selling smaller amounts of their holdings gradually.

This could indicate a long-term confidence among large Bitcoin holders in the price of BTC. If whales continue holding rather than selling aggressively, Bitcoin could maintain strong price levels.