Bitcoin Analyst Advises 'Caution' After Whales Dump King Crypto Worth $4.8B, Says Crucial Indicator Has Flashed 'Sell Signal'

Benzinga Neuro

March 01, 2024

A recent post by crypto analyst Ali Martinez indicates that Bitcoin (CRYPTO: BTC) whales have been offloading a significant amount of their BTC holdings, causing concern for investors and traders.

What Happened: According to the post, Bitcoin whales have sold over 80,000 BTC in the last three days, amounting to approximately $4.8 billion. This substantial sell-off has raised a red flag for market participants, urging them to exercise caution.

Martinez wrote, “Investors and traders are advised to proceed with caution!”

There has been a significant spike in profit-taking by #Bitcoin whales!

Over the past three days, they've sold off more than 80,000 $BTC, equating to approximately $4.8 billion. Investors and traders are advised to proceed with caution! pic.twitter.com/M44jAIwutw
— Ali (@ali_charts) February 29, 2024

See Also: Dogecoin, Shiba Inu, BONK Record Major Gains, Mark Their Territory Among Top Gainers — Analyst Predicts 600% Surge In DOGE’s Price, Says ‘Pump Hasn’t Even Started’

Why It Matters: This massive sell-off by Bitcoin whales comes on the heels of an optimistic prediction for Bitcoin’s future. Just a day before, Alex Thorn, Head of Firmwide Research at Galaxy Digital, forecasted that Bitcoin was on track to hit a new all-time high within weeks. Thorn attributed the recent surge in Bitcoin’s price to the influx of institutional investments, with Bitcoin ETFs recording a net $576 million of BTC, marking BlackRock’s largest-ever day of inflows.

However, this recent sell-off by Bitcoin whales has sparked concern among investors and traders, raising questions about the potential impact on Bitcoin’s price and the broader market. The sell-off coincides with a drop in Bitcoin mining stocks, which occurred despite a surge in the leading cryptocurrency’s price. Gold advocate and Bitcoin critic Peter Schiff highlighted the decline in Bitcoin mining stocks, suggesting it could be a sign of trouble ahead for Bitcoin and its related ETFs.

Read Next: This Trader Turned $2,708 Into $3.25 Million With Trump-Related MAGA Memecoin

Image via Shutterstock

Engineered by Benzinga Neuro, Edited by Pooja Rajkumari

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Recommended

Why Are Wall Street Insiders Moving Their Money to This One Asset? - Ad

Trump's Radical Plans for the Dollar - Ad

Elon's $25 Trillion Confession - Ad

Personal finance expert Dave Ramsey has long dismissed crypto, gold and single-stock investing, calling them risky distractions — but new research shows that his disciplined mutual fund approach may have cost him market-beating returns.

Doug Lebda, Founder And CEO Of LendingTree, Dies In ATV Accident

The founder and CEO of LendingTree, tragically passed away this past weekend.

Nvidia CEO Makes First Ever Tesla Announcement

Nvidia CEO Makes First Ever Tesla Announcement - Ad

While Tesla's car sales slump, Nvidia's CEO says Tesla could lead a multi-trillion-dollar AI revolution. He's backing what's being called "Manifested AI" - a 25,000% growth market. And one tiny stock, 168x smaller than Nvidia, could be your way in before the world catches on.

Mark Cuban Shares His Top Strategies for Protecting Wealth After Hitting Millionaire Status

Mark Cuban once disclosed his strategies for preserving wealth after becoming a millionaire. These insights could be beneficial for anyone aiming to secure their financial future.

Nebius Vs. Palantir: The AI Infrastructure War At 100x Sales

Wall Street's AI mania has sparked a battle between Nebius (NBIS) and Palantir (PLTR) as investors question where the true value of AI lies.

The Tesla Shock Nobody Sees Coming

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as October 23rd.

NIO Stock Soars Past 52-Week High After Record Deliveries

NIO stock rises on strong September and Q3 deliveries, reaching record numbers and surpassing 52-week high.

Elizabeth Warren Says Trump Is 'Plotting' To Reduce Social Security Benefits For Older Americans: 'We Must Call It Out And Stop These Cuts'

Sen. Warren accuses Trump of planning to cut Social Security benefits for older Americans, citing a report and ongoing debate. Trump denies it.

Elon's New Device Could Launch Biggest IPO of the Decade

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Elon Musk's new device is being called a "game-changer"-and even the White House is using this tech. Jeff Brown says it could launch Musk's next trillion-dollar company and make early investors rich. You can claim a stake now for as little as $500.

Chevron To Kick Off Korikori-1 Drilling Offshore Suriname

Chevron Suriname to begin Korikori-1 well drilling this month in Block 5, with a goal to assess offshore reserves in Suriname-Guyana Basin.

Ray Dalio Doubts Any Central Bank Would Take On Bitcoin As Reserve Currency Despite Many Seeing It As Alternative Money: 'There's No Privacy'

Billionaire hedge fund manager Ray Dalio expressed skepticism Thursday that central banks will consider holding Bitcoin (CRYPTO: BTC) as a reserve currency, citing privacy concerns.

November 18: D-Day For The Dollar

November 18: D-Day For The Dollar - Ad

A quiet shift in U.S. law has just authorized private companies to mint a new form of government-authorized money called the "Dollar 2.0"... and the next major mint hits on November 18. Investors who make the right moves before then could make up to 40X by 2032...

Charlie Javice sentenced to 7 years in prison for fraudulent $175M sale of financial aid startup

NEW YORK (AP) — , the founder of a startup company that sought to dramatically improve how students apply for financial aid, was sentenced Monday to more than seven years in prison for cheating JPMorgan Chase out of $175 million by greatly exaggerating how many students it served.

A hungrier, poorer and more anxious Iran awaits 'snapback' of UN sanctions over its nuclear program

DUBAI, United Arab Emirates (AP) — As Iran's ailing economy braced Saturday for over its nuclear program, it is ordinary people who increasingly find themselves priced out of the food they need to survive and worried about their futures.

Is Elon's Empire Crumbling?

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after October 23rd, it may be too late.

Johnson & Johnson In Talks To Acquire Protagonist Therapeutics: Report

Johnson & Johnson is in talks to buy Protagonist Therapeutics in a deal that could expand its immunology and cancer drug portfolio.

First Brands founder resigns amid accounting scandal and billions in missing funds

The founder and CEO of First Brands resigned Monday, weeks after the auto parts supplier filed for bankruptcy protection amid an accounting scandal that has left lenders scrambling for more than $2 billion in missing funds.

On October 16, a powerful new law signed by President Trump will trigger a radical shift in America's money system...

On October 16, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Donald Trump Orders Troops To Portland Amid Rising Tensions

President Donald Trump has ordered the deployment of troops to Portland, Oregon.

New study adds to the possibility of favorable conditions for life at Saturn's moon Enceladus

CAPE CANAVERAL, Fla. (AP) — Scientists have uncovered new types of organics in icy geysers spouting from , bolstering the likelihood that the may harbor conditions suitable for life.

We've Seen This Before... and It Didn't End Well

We've Seen This Before... and It Didn't End Well - Ad

Strange events are unfolding in the global financial system. A monetary reset dubbed the "Mar-a-Lago Accord" is quietly in motion, and the financial elite are already taking protective action. If history is any guide, you could lose up to 40% of your wealth in the next two years. Move your money before it's too late.

Former Trump Lawyer Rudy Giuliani, Dominion Voting Systems Settle $1.3 Billion Defamation Lawsuit

Rudy Giuliani, the former Mayor of New York City and former lawyer of President Donald Trump, has reached a settlement with Dominion Voting Systems in a $1.3 billion defamation lawsuit.

Two Delta jets damaged in 'low-speed collision' on LaGuardia taxiway, injuring 1

Two Delta Air Lines regional jets collided on the taxiway at LaGuardia Airport in New York, injuring a flight attendant, damaging a cockpit and tearing off part of a wing in what the airline described as a “low-speed collision.”

Why Are Wall Street Insiders Moving Their Money to This One Asset?

Why Are Wall Street Insiders Moving Their Money to This One Asset? - Ad

Something far more consequential for your money than tariffs is unfolding behind the scenes... Tucked inside this overlooked directive is a plan set to be executed for the first time in in U.S. history. One Stansberry Research's Senior Partner says it's set to trigger a rare window for potentially explosive gains in ONE asset immediately. (Not AI or crypto). Wall Street insiders are already positioning themselves... and he insists you should, too, before it's too late.

Putin Stands up for Trump's Nobel Peace Prize Bid: 'Credibility Has Largely Been Lost'

Russian President Vladimir Putin has come forward in support of President Donald Trump's candidacy for the Nobel Peace Prize.

How Walmart plans to prepare America's largest private workforce for an AI-driven future

BENTONVILLE, Ark (AP) — As and demographic changes reshape , the nation's largest private employer is trying to identify the skills and the broader labor force might need for the future.

Trump's Radical Plans for the Dollar

Trump's Radical Plans for the Dollar - Ad

The Fed just slashed rates... yet mortgages have already soared higher. Meanwhile, Trump has his own plan for the dollar - a radical upgrade to our currency, already moving more money than Visa and Mastercard combined. Tech investor Eric Wade calls it the "Smart Dollar."

Hungary clings to Russian oil and gas as EU and NATO push to cut supplies

BUDAPEST, Hungary (AP) — As the European Union pushes to fully sever its reliance on Russian energy and the administration of U.S. President Donald Trump urges NATO members to abandon Russian oil, one country's populist government stands firm.

Bitcoin, Dogecoin Gain, While Ethereum, XRP Move Sideways; Analyst Says BTC's Top Still Not 'On The Horizon'

Bitcoin rallied alongside the S&P 500 on Wednesday, even as the Federal Reserve’s minutes raised tariff-induced inflation concerns.

Elon's $25 Trillion Confession

Elon's $25 Trillion Confession - Ad

Elon Musk: "Tesla will become a $25 trillion company." That would make Tesla 8x bigger than Apple today. How is that possible? He admits it's all thanks to this one AI breakthrough that will take AI out of our computer screens and manifest a 250x boom here in the real world.

Looking At Wells Fargo's Recent Unusual Options Activity

Financial giants have made a conspicuous bullish move on Wells Fargo. Our analysis of options history for Wells Fargo (NYSE: WFC) revealed 18 unusual trades.

Ethereum Co-Founder Vitalik Buterin Dumps Memecoin Holdings He Received For Free, Crypto Community Left Wondering Why

Vitalik Buterin, the co-founder of Ethereum (CRYPTO: ETH), sold memecoins he got for free on Sunday, sparking a bit of intrigue in the cryptocurrency community.

Nvidia CEO Makes First Ever Tesla Announcement

Nvidia CEO Makes First Ever Tesla Announcement - Ad

Trump's Tariffs Could Spark US Factory Boom, Says 'The Big Short' Investor Steve Eisman: 'It's A Big Positive' In The Long Run

Investor and podcast host Steve Eisman said that while the tariffs imposed by President Donald Trump could weigh on the economy in the near term, they could set the stage for a U.S. industrial resurgence.

Charlie Kirk's Company Takes On Comcast, NFL With Its Own Super Bowl Halftime Show

Super Bowl LX could be turning political with conservative organization Turning Point USA planning its own halftime show broadcast.

The Tesla Shock Nobody Sees Coming

The Tesla Shock Nobody Sees Coming - Ad

Tempus AI Executive Ryan Fukushima Sells $460,000 Worth Of Stock

Tempus AI stock nudged higher after hours following insider sales by COO Ryan Fukushima's spouse under a pre-arranged trading plan.

Demand For Electric Pickup Trucks Soar In Q3, Except If You're Tesla

New data shows the top-selling EV brands and companies for the U.S. in the third quarter. Strong demand for electric pickup trucks benefits several companies.

Elon's New Device Could Launch Biggest IPO of the Decade

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Trump Said South Korea Will Provide $350 Billion Investment 'Upfront' In Tariff Deal, But Its NSA Says 'We Are Not Able To Pay' It: Report

South Korea can’t afford to pay the $350 billion all at once, as President Donald Trump proposed, according to Seoul’s National Security Adviser (NSA) Wi Sung-lac, who spoke on Channel A News on Saturday.

Trending Now