Whale Sell-Offs and Token Unlocks Weigh Heavily on Bitcoin Price Outlook

Bitcoin price has faced pressure from large whale sell-offs and significant token unlocks since March, according to a 10x Research report. While ETF inflows and stablecoins have provided stability, further relief may come from U.S. economic recovery and potential Federal Reserve rate cuts.

Bitcoin price trajectory has been heavily impacted by significant whale sell-offs and ongoing token unlocks throughout 2024, according to a report from 10x Research. These two factors have offset much of the positive momentum generated by Bitcoin exchange-traded funds (ETFs) and stablecoin inflows.

Markus Thielen, founder of 10x Research, noted that whale activity has played a pivotal role in Bitcoin’s market performance this year. Many large holders, or whales, have moved significant amounts of Bitcoin to exchanges in preparation for sales, especially as the market neared peaks earlier in the year.

Impact of Token Unlocks

The report also highlighted the considerable impact of token unlocks on the market. Since March, $35 billion worth of tokens has been unlocked, introducing additional supply and exerting downward pressure on prices. October alone saw $3.9 billion in token unlocks, a noticeable jump from the previous month, though November is expected to bring some relief with fewer unlocks scheduled.

Positive Outlook Despite Challenges

Despite these challenges, Thielen remains optimistic about Bitcoin’s long-term prospects. He pointed to a potential rebound in the U.S. economy, future Federal Reserve interest rate cuts, and strong corporate earnings as factors that could boost Bitcoin’s price in the months ahead.

Inflows from Bitcoin ETFs and stablecoins have helped stabilize the market to some extent, softening the impact of whale sell-offs and token unlocks.

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