While Whales Remain Weak in Bitcoin, More Than 1 Billion Dollars Have Been Sold in the Last 2 Weeks!

While Bitcoin whales slowed down their purchases, an outflow of over $1 billion was seen in the last 2 weeks.

On-chain analysis platform CryptoQuant, in its report shared with CoinDesk Global, stated that long-term Bitcoin holders and miners have sold over $1.2 billion worth of Bitcoin in the last two weeks.

The sell-off paralleled net outflows from spot Bitcoin ETFs in recent days. The following statements were included in the details of the report shared by analysts:

Investors are still not increasing their Bitcoin holdings and demand growth from large holders (whales) is still not strong. Stablecoin liquidity continued to slow and grew at the slowest pace since November 2023.

Increase in Sales Activity

Wallets monitored by CryptoQuant show that whales mostly make their sales through brokers. Additionally, the decline in Bitcoin transaction outputs (UTXO) age bands indicates increased selling activity.

A decline in UTXO age bands usually indicates increased Bitcoin activity in the market and therefore selling. An increase in the UTXO age indicates a tendency to hold more in the market.

Miners and the artificial intelligence industry

Market observers state that miners are turning to the artificial intelligence (AI) sector due to decreasing mining rewards after the Bitcoin halving.

“Post-halving miners are increasingly turning to AI work,” said senior analyst Lucy Hu from Metalpha. "The decrease in mining rewards has caused miners to turn to other channels to increase their income," he said.

AI firms' demand for energy-intensive data centers enables miners to generate revenue by doing business with these firms.