Bitcoin ( BTC ) could still see a major price capitulation, but more whales need to start selling first, data suggests.
In one of its daily QuickTake market updates on May 27, on-chain analytics platform CryptoQuant highlighted increasingly bearish whale behavior.
Amid widespread consensus that BTC /USD should put in a lower low than its May 12 pivot price of $23,800, some of Bitcoin’s largest holders are showing signs of impatience.
Looking at unspent transaction outputs (UTXOs) from various “bands” of whale wallets, CryptoQuant contributor Binh Dang flagged selling from the top cohort increasing since April.
Those entities with $1 million or more, known as “giant” whales, have upped their distribution of coins, while smaller whales — those with under $1 million — have been slower to shift their position.
