Massive withdrawal of Bitcoin

[Dailyscript]

It is normal for people to sell when the price increases. These sellers might have been holding on to their bitcoin for a long time, some for decades, and some for a number of years. So, there target has been reached, which is why they chose to sell. Talking about affecting the price of bitcoin, buying and selling does affect the market condition of bitcoin.

But if the certainty is there that we are in a bull run,. Selling off bitcoin won't slow the process of skyrocketing; instead, it will increase because there will be high demand for it, and whatever the buyer chooses, the price should be what it will be.

[Iranus]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

The thing is, bitcoin is money free from governmental or any third party control, if you own bitcoin, you own it and can freely without any restrictions, sell it at anytime and at what ever price you want, this is the type of free market Bitcoin and crypto currencies make or made available to the world, so, there is absolutely no need complaining of who sold, and at what price what price they sold, because we all have equal opportunities here, anybody can take profit anytime they want and it's their right.

What I believe we the strong believers can do is, anytime there is a major sell offs like you pointed out, it's an opportunity for us to buy even more bitcoins at a cheaper rates, because certainly without doubt, after sell-off/corrections, the price of bitcoin will always go higher and higher again, as long as we are in a season as this, the bull run, the only time it's usually an issue is when and if we are in a strong bear season.

The OP himself also mentioned this in his words but why is he still skeptical about bitcoin's price increase, this is really too confusing. He also said that bitcoin was massively dumped when it was at $48k and then bitcoin continued to be dumped when it reached $69k. Bitcoin rose over $21k after the dump and that's something no other asset has done. OP, why are you complaining?

@OP, I don't expect you to continue the same theme when bitcoin is sold massively next month when it hits $100k, LOL.

[Kelward]

I mean, that's how markets in general work? An asset's price pumps(bitcoin or not), some people will be taking profit, and the price is likely to have a correction after. What will make an asset's price more stable is mostly more market participants.

Precisely, you can't go on hodling your Bitcoin indefinitely, there has to come a time when you'll want to sale, that's the idea behind investing our money on something valuable. What happens in Bitcoin circle is just basic economics, when price is high, investors will want to sale to get their ROI, as more investors are selling because of the increase in price, supply will become greater than demand and price will start to dump, it happens vice versa. So in essence it's supply and demand that dictates the price of Bitcoin and how investors react to buying and selling.

[CryptopreneurBrainboss]

During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed

Selling the news is a factor that affect the market but as an investors all this isn't meant to affect you, when there's a spike in the price of Bitcoin some short sighted investors takes profits and this affect the market. They're on their right for taking profits as we all have different priorities and while theirs is to secure the profits that they're seeing, ours should be for hodling until we get better profits in the future. The selling pressure doesn't keep Bitcoin down for long when it happened so it isn't much of a concern.

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

This process takes the weak hands off the maket and so it's a welcomed development and not something we should be scared about. The more this happens the lesser we keep having weak hands left in the market and only the strong hands gets to ride and enjoy the profits that Bitcoin holds ahead. If we don't get the weak hands off, they'll be the ones panicking and selling in the future when what Bitcoin would had needed that period is diamond hands to keep the price stable or increasing.

It doesn't matter how many people are selling, the investors that knows the real deal and the true power of Bitcoin are buying but tomorrow they'll be called lucky when they have made so much profits and enjoying the decisions they took differently when everyone else was doubting bitcoin and were selling to take profits.

[Ale88]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

You are mixing two different things: when the ETFs were approved, that was a sell the news event, and those people who sold were already holding bitcoins, so it had nothing to do with bitcoins purchased by the big funds. And those who buy the ETFs are probably in for the long run, they are not here to speculate on every +5%, they are probably using the same strategy they use for any other ETF they buy.

[atamism]

I think that is normal. When Bitcoin pumps expect that everyone will sell, accept the fact that, that is the truth. We cannot control people not to sell their bitcoins and tell them to wait. We have different situations and problems. Let's all be thankful that all of us are earning and can buy anything we want from Bitcoin.

[dezoel]

As said by some other users, withdrawals from exchanges don't indicate anything or cause a drop in the price of Bitcoin, it's the selling pressure that can cause such a thing. So I don't think we need to be worried about withdrawals or Bitcoins being moved from one wallet to another because that is normal.

However, I've read somewhere on social media that a sleeping whale woke up when Bitcoin hit $69,000. He sent 1,000 Bitcoins from a dormant wallet to Coinbase, and most probably sold them because no one would move their Bitcoins from a wallet to an exchange if they don't wish to sell them.

So, maybe the dip from $69,000 to $63,000 had something to do with that, but it wasn't just that, a lot of people might have taken profit at that point.

[dansus021]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

That is called "Take Profit" and always happens every time when Bitcoin is skyrocketing right now. I actually not really a diamond hand so usually when my profit is around 50% when bitcoin reaches a peak like this moment that reaches a new all-time high there is always a want to take profit at the end people just want a profit at least people like me.

Bitcoin congestion also happen on bitcoin network because more and more people tend to move their coin from cold wallet to exchange hot wallet.

Enjoy this meme while it last 

[Troytech]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

You should understand that many persons invest in bitcoin for the purpose of getting profits off it over the short period of time, and that what majorly causes the bear when investors are selling of their bitcoin.

But I think it's majorly a very wrong move to be doing that cause we have a lot of big players and companies that are well equipped in cash that are buying bitcoin now and would really love you to sell your holdings back to them, you can see how the price of bitcoin soared after the ETF approval and how big investors are rushing in now.

To me after the sell their would be regret cause bitcoin would continue to rise and they would be on the losing side when they can't buy back at the price they sold, I'm quite sure that if the ETF continues buying we might not have a major bear that would take up back to lower prices like 35-50k, so a better advice would be mind when your selling.

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

That is called "Take Profit" and always happens every time when Bitcoin is skyrocketing right now. I actually not really a diamond hand so usually when my profit is around 50% when bitcoin reaches a peak like this moment that reaches a new all-time high there is always a want to take profit at the end people just want a profit at least people like me.

Bitcoin congestion also happen on bitcoin network because more and more people tend to move their coin from cold wallet to exchange hot wallet.

Enjoy this meme while it last  

Quite funny how no one really is a long term holder as they claim to be #not referring to you#, bitcoin offers a greater  empowerment to people that hold longer cause you have more chances to get greater returns than short term investors while I'm not against this I just prefer to advice not to sell all your assets at once or at all, but instead sell some portion and keep on accumulating when the bear comes again.

[boty]

I mean, that's how markets in general work? An asset's price pumps(bitcoin or not), some people will be taking profit, and the price is likely to have a correction after. What will make an asset's price more stable is mostly more market participants.

Precisely, you can't go on hodling your Bitcoin indefinitely, there has to come a time when you'll want to sale, that's the idea behind investing our money on something valuable. What happens in Bitcoin circle is just basic economics, when price is high, investors will want to sale to get their ROI, as more investors are selling because of the increase in price, supply will become greater than demand and price will start to dump, it happens vice versa. So in essence it's supply and demand that dictates the price of Bitcoin and how investors react to buying and selling.

What you say is very correct, of course everyone who holds the amount of Bitcoin they have has reached the profit target and also the target they hold and they choose to sell, of course they have made a profit from what they hold and when many people sell, of course they will experience price correction and there are those who take advantage of this condition by collecting again in anticipation of the profits they can get again.

[Easteregg69]

I mean, that's how markets in general work? An asset's price pumps(bitcoin or not), some people will be taking profit, and the price is likely to have a correction after. What will make an asset's price more stable is mostly more market participants.

Yes, this is the basic economics. The coins are limited in numbers. That is the price of the coin increases when more people buy the coins. Now once the price goes up, many people start selling the coins. Hence the price goes down and we see a correction in the price. This circle goes on like this and it’s pretty common I must say. Long term holders always wait for opportunities like this, and they make good profits from it.

Next up is the inscriptions. Unlimited assets as a sub.

Cheers. I get my beer!

PS. Apropos unlimited. I got rate limited on CMC commenting. Talking about "legit".

[Easteregg69]

Enjoy this meme while it last  

You could make it an inscription on BTC and it would be kind of immutable.

[arhipova]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

Only the massive withdrawal will not decide the bitcoin price. What happens because of this withdrawal will have a number of effects and everything is interrelated. Like , suppose, there is massive withdrawal of bitcoin which means supply with be more than demand and prices of bitcoin will go down. But as prices of bitcoin goes down, it will appear as an opportunity for other investors and they will start buying bitcoin. So , at that time demand will be more than supply and as a result, price of bitcoin will increase. Also, there are many other factors which can influence the price at the same time.

[BlackBoss_]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards.

You are looking at it with a wrong way.

Price increased four times but if you see trading volume doubles, and you can check what I am talking about with Coinmarketcap or Trading view.

I don't trace too far and only get one year ago, in March, total trading volume in March is about $33.8B on 17 March 2023. Yesterday, trading volume is less than $22B so does it mean trading volume increases when price of Bitcoin now is about four times higher than in March 2023?

https://coinmarketcap.com/currencies/bitcoin/

[NewRanger]

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

This is the same if we want to invest our trades in BTC, we need to understand how to analyze the market and coins and without this analysis we will not make any profit and even incur a lot of losses.

Well, related to the above, if they make a profit when the price is high, I think it's normal, but the obsession with buying more will probably be even bigger and in fact BTC will continue to rise unless at some point, say in the next 5 years, we don't use Bitcoin as an investment portfolio. only then will it automatically start to decline after each large withdrawal as you said above.

[Kelvinid]

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

This is the same if we want to invest our trades in BTC, we need to understand how to analyze the market and coins and without this analysis we will not make any profit and even incur a lot of losses.

Well, related to the above, if they make a profit when the price is high, I think it's normal, but the obsession with buying more will probably be even bigger and in fact BTC will continue to rise unless at some point, say in the next 5 years, we don't use Bitcoin as an investment portfolio. only then will it automatically start to decline after each large withdrawal as you said above.

Well, it is expected holder to sell their Bitcoin during the bull season for profit. We can't take that part because these people are waiting for this moment to come. This is a normal event in the market but it can't make to slow the volatility of the market as it still behaving the same.

As an investment, we can never expect people to hold forever but rather see them selling off their BTC when the price is high, and then invest again. Just like during the bear season, we also see massive buying. People take their actions whether to buy or sell depending on the market condition.

[PX-Z]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards.

What do you expect? That's pretty normal for traders to sell when in profit already ATH or not, that's how  trading works. Well, the huge bouncing of price is always affected by huge number of volume of selling and buying orders, that's how we get pumps and dumps.

[mv1986]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

It is a pretty normal thing to see people take profits if the opportunity arises and I believe that we should get the meaning of skyrocketing right here. What is skyrocketing for you? I have had a look and Bitcoin went from 20k USD 12 months ago to about 70k USD now. This is fundamentally different from Bitcoin back at the time going from 2 USD to 7 USD as the sheer cash volume that had to flow into the market is insane and still hard to believe. This means that over the course of 12 months about one billion USD were added in market capitalization. I don't know, but in my opinion the price has been skyrocketing quite hard.


Sometimes people lose a reasonable sense for their assessment of certain metrics. Look how old Bitcoin is, look how valuable it is and how much yearly trading volume it generates. The smaller the time window you are looking at, the less you understand about the incredible journey that Bitcoin has taken. If you want to double your money in no time, Bitcoin might not be the right place if 20k USD --> 70k USD in 12 months doesn't feel like skyrocketing to you.

At some point I think it is rather normal for some people to take profits. I haven't been following the whale alerts recently, but if a person bought at 2k USD or even 5k USD, I think there is nothing wrong about selling parts of their holdings. I would never recommend selling all of it unless certain life circumstances or priorities require you to do that. But if you can give it more time, Bitcoin seems like a good strategy for building wealth long-term.

[Casdinyard]

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

It's just people taking profits at very predictable periods in the development of bitcoin. And while it does affect bitcoin, even if temporarily due to the fact that it almost always corrects itself immediately, the fact of the matter is that it's not going to affect bitcoin majorly in any way whatsoever, unless a panic selling of bitcoin happens and every single one of us here decides to jump ship and quit crypto for good, of course. People are most expected to buy and sell cryptocurrencies in specific periods of time, but there will be outliers—and there are millions of them out there, with even more consistent patterns than those who sell or buy during peak seasons. These people in my opinion are one of the key reasons why bitcoin will remain volatile and profitable for the years to come. Our erratic and sometimes sporadic buy and sell systems will ensure that bitcoin's got its very healthy volatility rate in check and alive, clearly essential in making sure that bitcoin remains relevant over the years.

Eventually though people will catch up on this and if there comes a time where bitcoin becomes a global currency used by every single person with an internet on the planet, it might come to a point where bitcoin's price is going to stabilize, but that's a long ass time to expect it within our lifetimes, so I guess that's a problem for the future generation to solve and not ours.

[Moreno233]

I think that is normal. When Bitcoin pumps expect that everyone will sell, accept the fact that, that is the truth. We cannot control people not to sell their bitcoins and tell them to wait. We have different situations and problems. Let's all be thankful that all of us are earning and can buy anything we want from Bitcoin.

There is never a time that everyone will sell their Bitcoin holding irrespective of how high price surges. If everyone want to sell at the same time, who will be the buyer? This is not how the market works as everyone have plans for their Bitcoin and how to go about them. Besides, not everyone is a short term investor that will buy and wait for pump in price to sell, some are invested to be held for many years.

The massive withdrawal referenced in this post was by traders, I mean short term investors that are taking their profits as Bitcoin price pumped. It represent a good number of market participants but surely not enough to cause uncontrollably dump in this present market, as you can see from the little to no reaction in the market.