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Miners and whales selling $4.1 billion in Bitcoin. Bitcoin price plummets almost 9%. Cryptocurrency analyst and trader Ali Martinez has published several tweets to spread the word about a massive Bitcoin selling spree that has taken place recently. He also shared what scenario BTC needs to follow to avoid an even bigger correction that it has seen recently.
Miners and whales selling $4.1 billion in Bitcoin
Martinez tweeted that large cryptocurrency whales and miners have sold a staggering amount of Bitcoin worth more than four billion U.S. dollars. He shared charts from the Santiment on-chain data agency to illustrate that.
According to one of the tweets, whales have dumped more than 50,000 BTC within the last 10 days; this massive amount of crypto is evaluated at approximately $3.30 billion. In addition to that, Bitcoin miners have sold more than 1,200 BTC worth almost $80 million. Together these two groups of market players have gotten rid of more than $4 billion worth of Bitcoin.
Miners conduct BTC sales regularly to obtain some cash to cover their operational expenses and cash out profits from the mining business. That frequently happens when Bitcoin hits a new local high.
Within the last week, the world’s major cryptocurrency by market capitalization value, Bitcoin, has seen a plunge of almost 9%, falling from the $71,655 level to $65,228 on Friday.
By today, BTC has managed to stage a small recovery, adding 1.48% and trading at $66,160 at the time of writing this article.
Cryptocurrency trader and entrepreneur Willy Woo believes that old Bitcoin holders (“original gangsters,” or “OG”) are actively selling BTC now. “And they sell into every bull market. This pattern is as old as the genesis block.”
They have more BTC than all the spot Bitcoin ETFs, he tweeted, sharing a chart of a rising number of dormant BTC coins that have been sold recently.
At the same time, many large players continue to buy BTC. This week, according to Ali’s earlier tweet, within 48 hours, whales withdrew roughly $1 billion worth of Bitcoin from crypto exchanges – that is, 14,140 BTC.
