A pseudonymous on-chain analyst and market cyclist is exposing the behavior of old and new whales amid the continued Bitcoin correction.
In the new tweetstorm, the analyst known as Dilution-proof highlights a certain group of whales who he believes is responsible for igniting the big Bitcoin sell-off from its all-time high of about $64,000.
“The market turnaround started last Sunday (April 18th), when price broke through $60,000 with increased volume. As can be seen in this whale outflows chart, a lot of Bitcoin moved that day that was bought by whales on August 3rd, 2020 for ~$11,000.”
According to Dilution-proof, whales who bought BTC around $10,000-$11,000 last year saw the move above $60,000 as a chance to take profits and lock in gains of about 445%.
As Bitcoin’s upward momentum lost steam, the on-chain analyst says that whales who bought BTC when it broke out of $20,000 in December 2020 took the chance to take profits.