Bitcoin has fallen sharply after hitting a new record high of $93,800. The main reason could be the sell-off by "whales" and miners. Data from Lookonchain shows that whales have moved large amounts of BTC to exchanges to take profits after Trump's victory in the 2024 US election. A Satoshi-era miner also moved 2,000 BTC to exchanges.

Bitcoin ETF withdrawals also contributed to the price decline. More than $400 million was withdrawn from US ETFs, marking the third-largest withdrawal day since the fund's launch.

Although BTC is still up 17% for the week, the community hopes the trend will be different from 2021. 🚀