Whales have sold USD $1.2 billion in Bitcoin in two weeks: report – DiarioBitcoin
By Hannah Perez
Miners and long-term holders with large Bitcoin reserves have been selling their coins in recent weeks, putting bearish pressure on the market. And there are still no buying signals.
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- Bitcoin whales have sold more than $1 billion in the last two weeks
- Long-term holders and miners have been the biggest sellers of Bitcoin, says CryptoQuant
- Amid selling, few signs of accumulation seen among large BTC holders
During the last two weeks, the whales of Bitcoin have been unloading a portion of their holdings, which has most likely put downward pressure on the market, analysts at CryptoQuant.
The on-chain analytics firm CryptoQuant said in a report reviewed by CoinDesk that their data reveals that the large holders of Bitcoin They sold USD $1.2 billion in recent weeks.
The group of whales, a term used colloquially in cryptocurrencies to refer to large holders of a token, would be made up of miners and long-term holders, the analysts said. They also identified that sales may have been taking place through over-the-counter (OTC) brokers, rather than on the open market.
This group of traders has been reducing their reserves of Bitcoin since the end of May, when the flagship digital currency was around USD $70,000 and in the midst of a recent bearish correction in the market.
Bitcoin (BTC) sank below $65,000 on Tuesday in line with a sustained decline in recent days that came after a persistent inflation report in the US and a Federal Reserve (FED) announcement of the country to keep interest rates unchanged for the seventh consecutive period.
“Traders are not yet increasing their Bitcoin holdings and demand growth from large holders (whales) is not yet strong“analysts wrote, according to the coverage.
Meanwhile, “Stablecoin liquidity has continued to slow, growing at the slowest pace since November 2023“They added, an indicator that also suggests little purchasing intention in the market.
The miners continue to sell their bitcoins
The analysis of CryptoQuant seems to coincide with a recent report by Bitfinex which also identified whales, miners and long-term holders as the largest sellers of Bitcoin in the last weeks. Analysts at the exchange cited various metrics and indicators to conclude that these groups “They have clearly put pressure on the market“.
Reports from both teams emphasize the relentless trend of miners selling their coins following the halving event. The miners of Bitcoin They had been liquidating their reserves prior to the halving in April to generate income and ensure the continuity of their operations in the face of the imminent reduction in mining rewards.
However, now these sales have spread and It is possible that the miners of Bitcoin They are using their profits from the sale of reserves to expand their efforts in sectors such as artificial intelligence (AI).
“One of the biggest trends since Bitcoin’s halving this year is that miners are increasingly veering into the AI business.“said in this line of ideas Lucy Hu, senior analyst at the cryptocurrency fund Metalpha in Telegram.
“The decline in mining rewards prompted miners to look for other channels to increase income. With AI companies demanding power-hungry data centers, Bitcoin miners are gradually increasing revenue from sales to AI companies“he added, as quoted CoinDesk.
The recent decline in prices of Bitcoin coincides with a wave of outflows for exchange-traded funds (ETFs) Bitcoin spot in the US, which on Tuesday closed its fourth continuous session of negative flows for USD $152 million. Last week, ETFs had ended with outflows of more than $600 million, their worst performance since late April.
BTC changes hands around USD $65,000 with a modest positive variation of 0.55% in the last 24 hours.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
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