Dormant Bitfinex whales cash out 12K BTC

Mar. 26, 2023

By Zeynep Geylan

The Bitcoin has been stale in long positions since June 2022 until they were cashed out at around 13:00 UTC on Mar. 25.

Bitcoin (BTC) whales holding long BTC positions on Bitfinex suddenly cashed out on March 25 at around 13:00 UTC, according to data from Datamish.

These wallets have been dormant since June 2022, and their aggregate value sits at 12,000 BTC, as the data indicates. This movement represents a small segment of investors who are motivated to exit their long and short BTC positions to take advantage of the recent price pump.

Bitfinex exits

The cash out on March 25 marks the most significant change in BTC’s long positions since June last year. The chart below represents the volume of long BTC positions since May 2022.

The 12,000 BTC drop occurred when the aggregate volume of long BTC positions was just above 110,000 BTC. Even though the whale exits may indicate a bearish sentiment, the overall picture is not so pessimistic. At the time of writing, the total volume of BTC sitting at long positions is at 93,511, which reflects a strong bullish market sentiment.

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