Cryptocurrency analyst and trader Ali Martinez recently tweeted about a massive Bitcoin sell-off. He outlined the steps BTC needs to take to avoid a further significant correction.
Miners and Whales Sell $4.1 Billion Worth of Bitcoin:
Martinez highlighted that over $4 billion worth of Bitcoin was sold by large cryptocurrency whales and miners. He supported this with charts from on-chain data agency Santiment. According to his tweets, in the past ten days, whales offloaded more than 50,000 BTC, valued at approximately $3.30 billion. Additionally, Bitcoin miners sold over 1,200 BTC, worth about $80 million. Together, these market players sold over $4 billion in Bitcoin.
Miners regularly sell BTC to cover operational expenses and withdraw profits from mining operations, often doing so when Bitcoin reaches a new local high.
Bitcoin Price Drops Nearly 9%:
Over the past week, Bitcoin, the world’s largest cryptocurrency by market capitalization, saw a nearly 9% decline, dropping from $71,655 to $65,228 on Friday. By today, BTC has managed a slight recovery, adding 1.48% and trading at $66,160 at the time of writing.
Crypto trader and entrepreneur Willy Woo believes that long-term Bitcoin holders (“OGs”) are actively selling BTC now, noting that this pattern has been present since the early days of Bitcoin. He tweeted that these holders possess more Bitcoin than all the Bitcoin exchange-traded funds (ETFs) combined and shared a chart showing the increasing number of dormant Bitcoins recently sold.
Read more Bitcoin Experiences Major Correction Despite Rising Spot ETF Net Inflows
Meanwhile, some major players continue to buy Bitcoin. According to an earlier tweet by Martinez, whales withdrew nearly 14,140 BTC from cryptocurrency exchanges within 48 hours this week.
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