Bitcoin Whales Unload Over $1 Billion in Two Weeks: A Bearish Sign?
The cryptocurrency market has witnessed a significant sell-off in the past two weeks, with Bitcoin whales and miners leading the charge. According to on-chain analysis firm CryptoQuant, these long-term holders and miners have sold over $1.2 billion worth of Bitcoin in the past fortnight, with little indication of renewed buying interest.
Bitcoin whales have been significant sellers of the cryptocurrency in the past two weeks.
This trend has been observed through a decrease in UTXO age bands, indicating increased selling activity. Some market observers believe that miners are shifting their focus to the booming artificial intelligence (AI) sector, which may have contributed to the increased selling activity.
The booming AI sector may be attracting miners away from Bitcoin.
Long-term holders and miners have decreased their Bitcoin holdings since prices traded over $70,000 in late May, declining UTXO age bands tracked by CryptoQuant show. This decrease in holdings has led to a decline in Bitcoin prices, which have fallen from $71,000 to just over $65,000 as of Wednesday.
Bitcoin prices have fallen from $71,000 to just over $65,000 in the past two weeks.
The market has also seen a decline in stablecoin liquidity, growing at the slowest pace since November 2023. This decline in liquidity has led to a decrease in Bitcoin prices, with some traders warning of a move to as low as $60,000 in the absence of growth catalysts.
Stablecoin liquidity has continued to slow down, growing at the slowest pace since November 2023.
U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin recorded net outflows of over $600 million last week, their worst performance since late April. This decline in ETFs has also contributed to the decline in Bitcoin prices.
U.S.-listed ETFs tracking Bitcoin recorded net outflows of over $600 million last week.
The cryptocurrency market is currently experiencing a bearish trend, with Bitcoin whales and miners leading the charge. The decline in Bitcoin prices and stablecoin liquidity has led to a decrease in market sentiment, with some traders warning of a move to as low as $60,000 in the absence of growth catalysts.
The cryptocurrency market is currently experiencing a bearish trend.
In conclusion, the cryptocurrency market is currently experiencing a bearish trend, with Bitcoin whales and miners leading the charge. The decline in Bitcoin prices and stablecoin liquidity has led to a decrease in market sentiment, with some traders warning of a move to as low as $60,000 in the absence of growth catalysts.
The future of Bitcoin remains uncertain, with some traders warning of a move to as low as $60,000.
