Bitcoin Whales Go Insane, Unloading $4.1 Billion in BTC as Price Crashes 9%

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As a researcher with experience in the cryptocurrency market, I find the recent selling spree by large Bitcoin holders and miners alarming. The data shared by Ali Martinez, a well-known cryptocurrency analyst and trader, reveals that whales have sold over 50,000 BTC worth approximately $3.3 billion in the past ten days, while miners have sold nearly 1,200 BTC worth around $80 million. This amounts to a total of over $4 billion worth of Bitcoin sold.

Expert: Ali Martinez, a cryptocurrency analyst and trader, has been active on Twitter, alerting the public about a significant Bitcoin selling wave that occurred in recent times. Moreover, he has indicated the conditions under which Bitcoin might prevent a more severe correction than the one it experienced recently.

Miners and whales selling $4.1 billion in Bitcoin

Martinez posted on Twitter that an enormous sum of Bitcoins, valued over $4 billion in US dollars, has been offloaded by significant cryptocurrency investors and miners recently. He included graphs from Santiment’s on-chain analytics to support his claim.

Based on one tweet’s information, over $3.3 billion worth of Bitcoin (around 50,000 BTC) has been offloaded by whales in the last 10 days. Furthermore, Bitcoin miners have sold approximately $80 million worth of Bitcoin (1,200 BTC). Combined, these entities have disposed of roughly $4 billion worth of Bitcoin from the market.

As a dedicated researcher delving into the intricacies of the cryptocurrency market, I’ve uncovered some intriguing insights from on-chain data provided by SantimentFeed. Specifically, I’ve discovered that Bitcoin whales have offloaded a significant amount of their holdings in the past 10 days, selling roughly 50,000 $BTC. The total value of these transactions comes up to an impressive figure of around $3.30 billion!— Ali (@ali_charts) June 14, 2024

As a miner, I routinely sell some Bitcoins to meet my operational costs and realize profits from my mining business. This is a common practice among miners, especially when Bitcoin reaches a new local peak.

Bitcoin price plummets almost 9%

Over the past week, Bitcoin, the most valuable cryptocurrency globally in terms of market capitalization, experienced a significant decline of approximately 9%. Its value dropped from $71,655 to $65,228 by Friday.

At present, Bitcoin has made a modest comeback, registering a gain of 1.48%, and is currently valued at $66,160 according to the latest market data.

According to cryptocurrency trader and entrepreneur Willy Woo, the early Bitcoin investors, often referred to as “original gangsters” or “OGs,” are currently disposing of their Bitcoins. This trend, Woo explains, has been recurring during every bull market since the inception of Bitcoin.

I’ve observed an intriguing trend in the Bitcoin market lately. According to my analysis, there are currently more Bitcoins in circulation than held by all spot Bitcoin Exchange-Traded Funds (ETFs). I supported this claim with a chart showcasing an increasing number of dormant BTC coins that have recently been activated for sale.

As an analyst, I’ve observed a notable trend in the Bitcoin market. Simultaneously, major players have been actively purchasing Bitcoin. Within a two-day span, as per Ali’s recent tweet, whales extracted approximately $1 billion in value of Bitcoin from crypto exchanges – equating to around 14,140 BTC.

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2024-06-15 13:37