Massive Bitcoin Sell-Off and Market Impact: An Analysis by Crypto Analyst Ali Martinez
Crypto analyst and trader Ali Martinez recently took to Twitter to share the news about a massive Bitcoin sell-off. He highlighted the scenario BTC needs to follow to avoid a significant correction, similar to what it has experienced recently.
Miners and Whales Sell $4.1 Billion Worth of Bitcoin:
Miners have sold an astounding amount of Bitcoin, valued at over $4 billion. Martinez shared on-chain data charts from Santiment to illustrate this. According to one of his tweets, whales offloaded more than 50,000 BTC in the past ten days, valued at approximately $3.30 billion. Additionally, Bitcoin miners sold over 1,200 BTC, worth around $80 million. Combined, these market players have disposed of more than $4 billion worth of Bitcoin.
Miners regularly sell BTC to cover operational costs and withdraw profits from their mining activities, often doing so when Bitcoin reaches new local highs.
Bitcoin Price Drops Nearly 9%:
Over the past week, Bitcoin, the world’s leading cryptocurrency by market capitalization, saw its price decline by nearly 9%, dropping from $71,655 to $65,228 by Friday. As of now, BTC has made a modest recovery, gaining 1.48% and trading at $66,160 at the time of writing.
Crypto trader and entrepreneur Willy Woo believes that long-term Bitcoin holders (“original gangsters” or “OGs”) are actively selling BTC. He notes that these holders tend to sell during every bull market, a pattern as old as the genesis block itself. Woo pointed out that these OGs hold more Bitcoin than all the Bitcoin exchange-traded funds (ETFs) combined, as he shared a chart showing a growing number of dormant Bitcoins being sold recently.
Read more Bitcoin Experiences Major Correction Despite Rising Spot ETF Net Inflows
Big Players Continue to Buy Bitcoin:
Despite the sell-off, many major players are continuing to buy Bitcoin. According to an earlier tweet from Martinez, whales withdrew nearly 14,140 BTC from cryptocurrency exchanges within 48 hours this week.
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