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

Elon's $25 Trillion Confession - Ad

Buy This Gold Stock Before the New Year - Ad

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

Momentum building for Trump's push for $2,000 tariff-funded payments as GOP lawmakers express openness. Treasury Sec. suggests income limits.

Trump attacks ABC News correspondent Mary Bruce in angry response to three sharp questions

NEW YORK (AP) — President Donald Trump denounced ABC News' Mary Bruce as a “terrible reporter” Tuesday and threatened the network's license to broadcast after she asked him three sharp questions at the White House.

Copper Over 13%. Gold Over 5 g/t. Same Hole.

Copper Over 13%. Gold Over 5 g/t. Same Hole. - Ad

This is not your average drill result. The copper-gold system just revealed a zone that rivals top-tier VMS discoveries. With over 3M insider shares recently bought, momentum is building.

Marjorie Taylor Greene Goes Bargain Shopping, Discloses Buying These Two Stocks At 52-Week Lows

Congresswoman Marjorie Taylor Greene disclosed some new stocks recently. Unlike past trades in 2024 and 2025, the latest disclosure is rather unique.

Senate reversal of Biden policy that blocked Wyoming coal mining heads to Trump

FORT COLLINS, Colo. (AP) — A Senate vote Thursday would restore mining industry access to government-owned coal in the most productive U.S. region, a policy reversal from President Joe Biden that is likely to get President Donald Trump's signature.

Can You Still Trust This Bull Market?

Can You Still Trust This Bull Market? - Ad

Is this bubble set to pop? Headlines say yes, but one market vet with a 15-year track record says not yet. A historic pattern is taking shape that could send $7.4 trillion pouring into select stocks, triggering a Melt Up that could run for years to come. You don't want to miss it.

Trump Withdraws Support For 'Wacky' Marjorie Taylor Greene In Sudden, Fiery Split: 'I Can't Take...'

President Donald Trump said he is withdrawing his endorsement of longtime ally Rep. Marjorie Taylor Greene — here's what happened.

France threatens to block Shein over sale of childlike sex dolls ahead of Paris store opening

PARIS (AP) — French authorities have warned they may block access to after it emerged that the online fast fashion giant had been selling sex dolls with a childlike appearance.

Metals... Not Missles... Is the New Arms Race

Metals... Not Missles... Is the New Arms Race - Ad

China and Russia control 70% of the world's critical minerals, giving them leverage over the West. One N. American discovery could help shift that balance by developing the metals essential for defense systems.

Leaked Documents Unveil Meta's $16 Billion Revenue Projection From Scam Ads

Leaked internal documents have revealed that Meta projected a revenue of approximately $16 billion from scam advertisements and banned goods in 2024.

Pete Hegseth Says War Department Preparing For 'Action' In Nigeria

U.S. Defense Secretary Hegseth agrees with Trump's order to prepare for action in Nigeria to stop the killing of Christians by Islamist militants.

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.

UPS cargo plane with 3 aboard explodes on takeoff at Louisville airport, igniting huge fire

LOUISVILLE, Ky. (AP) — A large UPS cargo plane with three people aboard crashed Tuesday while taking off from an airport in Louisville, Kentucky, igniting an explosion and massive fire that left a thick plume of black smoke over the area.

Preliminary tests find germ that causes botulism in ByHeart baby formula

Preliminary tests showed that ByHeart baby formula contained the type of bacteria that produces the toxin linked to , California health officials said.

America's Defense Future Starts Underground

America's Defense Future Starts Underground - Ad

A N. American metals project just caught the attention of Rio Tinto - a mining giant. With four projects in key regions, this firm is aligned with Washington's push to rebuild the defense-metal supply chain.

Coeur Mining's $7 Billion Deal For New Gold Creates $20 Billion Powerhouse

Coeur Mining Inc. (CDE) announced acquisition of New Gold Inc. (NGD) in all-stock deal valued at $7 billion.

Snowflake's CRO Mike Gannon's Instagram Interview With Influencer James Dumoulin Triggers SEC Filing

Snowflake has filed an 8-K document with the EC following an interview of its Chief Revenue Officer by a social media influencer.

Bonanza Copper-Gold Hit Just Announced

Bonanza Copper-Gold Hit Just Announced - Ad

A new intercept delivered 17.91% CuEq over 6.3 metres, including 13.48% copper and 5.15 g/t gold. These results, from a developed Quebec district, could mark a turning point.

OpenAI and Amazon sign $38B deal for AI computing power

SEATTLE (AP) — OpenAI and Amazon have signed a $38 billion deal that enables the ChatGPT maker to run its artificial intelligence systems on Amazon's cloud computing services.

Rigetti, D-Wave Stocks Down, ETF Reactions Diverge In Market Shakeup

Quantum ETFs face turbulence as Rigetti and D-Wave stocks plummet.

Trump Signs Law to Launch Dollar 2.0

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

AT&T reached a $177M data breach settlement. What consumers should know about claiming their money

NEW YORK (AP) — AT&T has reached a combined $177 million settlement over two . And impacted consumers have a little over a month left to file a claim for their chunk of the money.

Taylor Swift, Elon Musk, Donald Trump, MrBeast — Robinhood Just Made Their Mojo Tradable

Robinhood has new prediction markets for its customers, with a focus on the entertainment sector. Here are some of the new markets.

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.

Arnold Schwarzenegger Says You Are Only Allowed To Complain About A Problem If You Can Do This: 'I Don't Want To Hear Your Whining'

Arnold Schwarzenegger believes in taking action instead of complaining. He applies this rule to various areas of life and urges others to do the same.

Elon Musk Hints SpaceX Could Go Public Despite Downsides: 'I Do Want Supporters To…'

Elon Musk hints at possibility of SpaceX going public in the future, allowing Tesla shareholders to invest.

Buy This Gold Stock Before the New Year

Buy This Gold Stock Before the New Year - Ad

America is about to see a massive shift in how regular people buy and store gold. Next year, the world's largest gold buyer is expected to launch a new way for everyday Americans to invest in gold with a simple tap on their phone - and it could go live in 2026. When it does, a tiny gold stock trading around $1.60 could explode.

'No hire' job market leaves unemployed in limbo as threats to economy multiply

WASHINGTON (AP) — When Carly Kaprive left a job in Kansas City and moved to Chicago a year ago, she figured it would take three to six months to find a new position. After all, the 32-year old project manager had never been unemployed for longer than three months.

The shutdown has disrupted air travel. Will that drive a surge in car rentals and train bookings?

NEW YORK (AP) — The U.S. has rattled air travel — most recently with an unprecedented effort from the Federal Aviation Administration at airports nationwide. And the disruptions are causing some to instead hit the road or buy a train ticket.

"Tech Prophet" Who Predicted the iPhone Now Predicts...

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit the most.

Teradyne, Wayfair, And Illumina Are Among the Top 10 Large-Cap Gainers Last Week (Oct. 27-Oct. 31): Are the Others in Your Portfolio?

Top weekly large-cap gainers included Teradyne, Wayfair, Illumina, Guardant Health, ASE, C.H. Robinson, Lumen, Symbotic, Credo, YPF after strong results.

Turkey Issues Arrest Warrants For Netanyahu, Other Israeli Officials Over Gaza Genocide: Report

Turkey issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and 36 other officials, accusing them of genocide in Gaza.

Copper Over 13%. Gold Over 5 g/t. Same Hole.

Copper Over 13%. Gold Over 5 g/t. Same Hole. - Ad

This is not your average drill result. The copper-gold system just revealed a zone that rivals top-tier VMS discoveries. With over 3M insider shares recently bought, momentum is building.

Spotify Premium Subscribers Boost Q3 Revenue, Eyes Strong Holiday Quarter

Spotify (NYSE: SPOT) shares rose after reporting better-than-expected Q3 results, with revenue of $4.99B and 17M new MAUs.

Buy Now Pay Later Can Torpedo Mortgage Chances

BNPL services like Affirm, Klarna, Afterpay, and PayPal Pay Later are popular but can hurt mortgage approval. Lenders scrutinize bank statements and debt-to-income ratio, and new credit models include BNPL data. Loan officers warn of multiple plans inflating DTI.

Can You Still Trust This Bull Market?

Can You Still Trust This Bull Market? - Ad

IREN Skyrockets After Sealing $9.7 Billion AI Cloud Deal With Microsoft

Pre-market trading sees IREN shares up after securing $9.7B cloud contract with Microsoft, partnering with Dell.

Dogecoin Looks Back To The Time When Only Moms Accepted It, Charts Progress To Now With DOGE Emerging As Institutional Asset

Dogecoin (CRYPTO: DOGE) highlighted on Thursday its evolution from a “joke” to a serious cryptocurrency now featured in U.S.

Metals... Not Missles... Is the New Arms Race

Metals... Not Missles... Is the New Arms Race - Ad

Serbia passes a special bill enabling Trump's son-in-law to build luxury complex despite opposition

BELGRADE, Serbia (AP) — Serbian lawmakers on Friday passed a special law clearing the way for a proposed real estate project that would be financed by an investment company linked to Donald Trump’s son-in-law despite and legal hurdles.

Trending Now