Bitcoin Whales Go Wild, Dump $4.1 Billion in BTC as Price Drops 9%

Bitcoin Whales Go Wild, Dump $4.1 Billion in BTC as Price Drops 9%

Cryptocurrency analyst and trader Ali Martinez has posted several tweets to spread the word about a massive Bitcoin sell-off that has taken place recently. He also shared What scenario should BTC follow? to avoid an even bigger correction than what you have seen recently.

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Cryptocurrency analyst and trader Ali Martinez has posted several tweets to spread the word about a massive Bitcoin sell-off that has taken place recently. He also shared What scenario should BTC follow? to avoid an even bigger correction than what you have seen recently.

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Martínez tweeted that the big cryptocurrency whales and the miners have sold a staggering amount of Bitcoin worth over four billion US dollars. He shared charts from on-chain data agency Santiment to illustrate this.

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According to one of the tweets, whales have dumped more than 50,000 BTC in the last 10 days; This huge amount of cryptocurrency is valued at approximately $3.30 billion. On top of that, Bitcoin miners have sold over 1,200 BTC worth almost $80 million. Together, these two groups of market players have dumped more than $4 billion worth of Bitcoin.

Miners regularly make BTC sales to get some cash to cover their operating expenses and withdraw profits from the mining business. This frequently happens when Bitcoin reaches a new local high.

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Bitcoin price plummets almost 9%

In the last week, the world’s leading cryptocurrency by market capitalization value, Bitcoin, has seen a drop of almost 9%, falling from Level from $71,655 to $65,228 on Friday.

Today, BTC has managed to make 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 former Bitcoin holders (“original gangsters” or “OGs”) are actively selling BTC now. “And they sell in all bull markets. “This pattern is as old as the genesis block.”

They have more BTC than all the spot Bitcoin ETFs, he tweeted, sharing a graph of a growing number of dormant BTC coins that have been sold recently.

At the same time, many big players continue to buy BTC. This week, according to Ali’s tweet above, in 48 hours, whales withdrew approximately $1 billion worth of Bitcoin from crypto exchanges, i.e. 14,140 BTC.

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