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Bitcoin Whales Go Crazy, Dumping $4.1 Billion in BTC as Price Plunges 9%
Yuri Molchan
A recent analysis report revealed a massive wave of Bitcoin selling by whales and miners
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Cryptocurrency analyst and trader Ali Martinez has posted several tweets to spread the word about the huge Bitcoin sell-off that has occurred recently. He also shared which scenario BTC should follow to avoid an even bigger correction than seen recently.
Miners and Whales Sell $4.1 Billion in Bitcoin
Martinez tweeted that the big whales of cryptocurrency and the miners sold a staggering amount of Bitcoin worth over four billion US dollars. He shared graphs from on-chain data agency Santiment to illustrate this.
According to one of the tweets, Whales have downloaded more than 50,000 BTC in the last 10 days; this huge amount of cryptocurrencies is valued at around $3.30 billion. Additionally, Bitcoin miners sold more than 1,200 BTC worth nearly $80 million. Together, these two groups of market participants got rid of over $4 billion worth of Bitcoin.
Miners regularly make BTC sales to obtain cash to cover operating expenses and collect profits from mining. This often happens when Bitcoin reaches a new local high.
Bitcoin price drops by almost 9%
Over the past week, the world’s leading cryptocurrency by market capitalization value, Bitcoin, has fallen by nearly 9%, falling from its lowest level. The $71,655 level reached $65,228 on Friday.
As of today, BTC has managed to stage a small recovery, adding 1.48% and trading at $66,160 as of this writing.
Cryptocurrency trader and entrepreneur Willy Woo believes that old Bitcoin holders (“original gangsters” or “OGs”) are actively selling BTC now. “And they sell in every bull market. This model is as old as Genesis Block.”
They have more BTC than all the spot Bitcoin ETFs, he tweeted, sharing a chart of a growing number of dormant BTC coins that have been sold recently.
At the same time, many large players continue to purchase BTC. This week, according to Ali’s previous tweet, within 48 hours the whales have roughly retreated Bitcoin worth $1 billion from cryptocurrency exchanges, or 14,140 BTC.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many aspects of it. He has written for several crypto media. His articles have been cited by cryptocurrency influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keizer, etc.