Bitcoin Whales Keep Dumping as BTC Profitability Plunges to 2-Year Low

The profitability of the Bitcoin network has fallen to a two-year low, but Bitcoin whales are selling anyhow.

Bitcoin stabilised near the $19,000 level on Monday, following a drop of roughly 20% between August 15 and September 25. According to statistics published by Santiment, however, Bitcoin whales continued to dump the most valuable crypto currency in the world as the market corrected recently. The data reveals that Bitcoin addresses owning between 100 and 10,000 coins presently own roughly 45.72% of the entire active BTC supply, the lowest amount since April 4th, 2020.

“”Whale holdings of Bitcoin (BTC) have been falling for 11 months. “”Santiment revealed in a recent Tweet that addresses owning 100 to 10,000 BTC have dropped their percentage of supply held of crypto’s biggest asset to 29-month lows as inflation and global recession fears persist.

The profitability of the BTC network is also falling. Glassnode, an on-chain analytics platform, reports that the percentage of profitable Bitcoin addresses (7-day moving average) dropped to its lowest point in almost two years on Monday, at 53.6%.

Overall Bitcoin network activity has declined over the past few months as the currency’s value has steadily corrected. Since the beginning of 2021, the amount of Bitcoin that is dormant has been growing.

“”The sum of Bitcoin coin-days lost over the past 90 days has effectively hit a record low. According to the most recent numbers, coins that have been HODLED for a long time (months to years) are less active than they have ever been.

This month saw the lowest amount of Bitcoin supply on exchanges in over four years.