{"id":251945,"date":"2025-09-24T20:48:12","date_gmt":"2025-09-24T20:48:12","guid":{"rendered":"https:\/\/www.europesays.com\/us\/251945\/"},"modified":"2025-09-24T20:48:12","modified_gmt":"2025-09-24T20:48:12","slug":"its-not-a-good-signal-for-the-market-dl-news","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/251945\/","title":{"rendered":"\u2018It\u2019s not a good signal for the market\u2019 \u2013 DL News"},"content":{"rendered":"<ul class=\"list-outside pl-8\">\n<li>Large holders, or whales, have sold 147,000 Bitcoin since August.<\/li>\n<li>That translates to over $16 billion.<\/li>\n<li>&#8220;It&#8217;s not a good signal for the market,&#8221; said Bitwise&#8217;s Andr\u00e9 Dragosch.<\/li>\n<\/ul>\n<p class=\"puppeteer-article-text-type-element\">Things don\u2019t bode well for Bitcoin. <\/p>\n<p class=\"puppeteer-article-text-type-element\">Over the past month, Bitcoin whales, the term for entities that hold upwards of 1,000 Bitcoin, have sold over $16 billion worth of coins. The selling is happening at the <a href=\"https:\/\/x.com\/jjcmoreno\/status\/1970584419594383618\" rel=\" nofollow\">fastest<\/a> monthly rate since Bitcoin\u2019s last halving event, in 2024.<\/p>\n<p class=\"puppeteer-article-text-type-element\">\u201cThese whale sellings are generally not a good signal for the market especially if these sales come from long-term holders of bitcoin,\u201d Andr\u00e9 Dragosch, European head of research at Bitwise, told DL News. <\/p>\n<p class=\"puppeteer-article-text-type-element\">Why? History, said Dragosch. \u201cMarkets tend to react negatively to both whale selling and long-term holder selling.\u201d<\/p>\n<p class=\"puppeteer-article-text-type-element\">Bitcoin\u2019s biggest holders are losing their grip. <\/p>\n<p class=\"puppeteer-article-text-type-element\">In his September 23 <a href=\"https:\/\/newsletter.checkonchain.com\/p\/water-at-the-top-of-the-wall\" rel=\" nofollow noopener\" target=\"_blank\">newsletter<\/a>, Bitcoin analyst James Check flagged roughly $2 billion a day of \u201crevived supply,\u201d or coins that long sat dormant and are now moving back into circulation. <\/p>\n<p class=\"puppeteer-article-text-type-element\">That kind of activity often signals that large, seasoned, and committed Bitcoin investors are moving capital elsewhere \u2014 even if they haven\u2019t lost faith in Bitcoin itself. <\/p>\n<p class=\"puppeteer-article-text-type-element\">\u201cIt doesn\u2019t look like \u2018I lost conviction in Bitcoin, I\u2019m getting out\u2019 sell-side,\u201d Check wrote. This means that \u201cthey will rotate back when the market starts moving again.\u201d<\/p>\n<p class=\"puppeteer-article-text-type-element\">Despite the uptick in selling, Bitcoin remains resilient. The top crypto trades at about $113,500, up 2% in the past month, and 80% in the past year. <\/p>\n<p>Two theories<\/p>\n<p class=\"puppeteer-article-text-type-element\">For Dragosch, there\u2019s two main theories behind the sell-off.<\/p>\n<p class=\"puppeteer-article-text-type-element\">\u201cOne is that they might be using Bitcoin to fund treasury companies,\u201d he told DL News. <\/p>\n<p class=\"puppeteer-article-text-type-element\">Indeed, Bitcoin treasury companies have surged this year. What began in August 2020 as a capital markets gimmick from <a href=\"https:\/\/www.dlnews.com\/articles\/markets\/microstrategy-rejection-sp500-sets-higher-bar-for-crypto-firms\/\" rel=\"noopener\" target=\"_blank\">Michael Saylor<\/a> has quickly transformed into a multi billion-dollar sector. <\/p>\n<p class=\"puppeteer-article-text-type-element\">As of Wednesday, 194 public companies held Bitcoin on their balance sheet, up from 170 a month ago, according to <a href=\"http:\/\/bitcointreasuries.net\" rel=\" nofollow noopener\" target=\"_blank\">BitcoinTreasuries.net<\/a>. The top 100 public firms hold a staggering 1.03 million Bitcoin worth about $116 billion. <\/p>\n<p class=\"puppeteer-article-text-type-element\">These firms need loads of capital to keep adding Bitcoin or to <a href=\"https:\/\/www.dlnews.com\/articles\/deals\/strive-buy-semler-1bn-stock-deal-bitcoin-treasuries-cannibal\/\" rel=\"noopener\" target=\"_blank\">finance mergers<\/a>, and selling into the market can provide that funding.<\/p>\n<p class=\"puppeteer-article-text-type-element\">Another theory, said Dragosch, is Bitcoin\u2019s four-year cycle. <\/p>\n<p>Four-year cycle<\/p>\n<p class=\"puppeteer-article-text-type-element\">Since Bitcoin was released in 2009, its price has followed a pattern. <\/p>\n<p class=\"puppeteer-article-text-type-element\">Every four years, a <a href=\"https:\/\/www.dlnews.com\/articles\/markets\/the-bitcoin-halving-is-here-what-it-means\/\" rel=\"noopener\" target=\"_blank\">halving<\/a> cuts the new supply of coins in half, kicking off a bull run. Then, when the price gets too foamy and sentiment a tad too excited, traders take profit and the price plunges into a bear market. <\/p>\n<p class=\"puppeteer-article-text-type-element\">Now, some say that the playbook is dead. Bitwise CIO Matt Hougan, for instance, said in July the forces that have created prior four-year cycles are now weaker. That includes a lesser effect from the halving, and an <a href=\"https:\/\/www.dlnews.com\/articles\/markets\/traders-are-pricing-in-a-rate-cut-which-should-rally-btc-price\/\" rel=\"noopener\" target=\"_blank\">interest rate cycle<\/a> that is more positive for crypto. <\/p>\n<p class=\"puppeteer-article-text-type-element\">But the halving\u2019s waning influence is not a foregone conclusion just yet. Especially for a cohort of Bitcoin investors that has lived through multiple <a href=\"https:\/\/www.dlnews.com\/articles\/markets\/experts-explain-how-bitcoin-price-cycle-is-changing\/\" rel=\"noopener\" target=\"_blank\">boom-bust cycles<\/a> and are accustomed to the familiarity of Bitcoin\u2019s price pattern from years past. <\/p>\n<p class=\"puppeteer-article-text-type-element\">Whales \u201cmight believe in the four-year halving cycle and therefore expect that Bitcoin has reached its cycle top already,\u201d said Dragosch. <\/p>\n<p class=\"puppeteer-article-text-type-element\">Pedro Solimano is DL News\u2019 Buenos Aires-based markets correspondent. Got at a tip? Email him at <a href=\"https:\/\/www.dlnews.com\/articles\/markets\/bitcoin-whales-sell-16bn-in-troubling-signal-expert-says\/mailto:psolimano@dlnews.com\" rel=\" nofollow noopener\" target=\"_blank\">psolimano@dlnews.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Large holders, or whales, have sold 147,000 Bitcoin since August. That translates to over $16 billion. &#8220;It&#8217;s not&hellip;\n","protected":false},"author":3,"featured_media":48831,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[7566,64,135,67,132,68],"class_list":{"0":"post-251945","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-bitcoin","9":"tag-business","10":"tag-markets","11":"tag-united-states","12":"tag-unitedstates","13":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115261243797758914","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/251945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=251945"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/251945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/48831"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=251945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=251945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=251945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}