According to The Block, based on data from CryptoQuant, long-term Bitcoin holders sold more than 728,000 BTC in the past 30 days. This amount of sales is currently valued at approximately $6.7 billion.
The dataset shows that this sell-off marks a reversal of the trend where whales purchased hundreds of thousands of Bitcoins in October. CryptoQuant stated in an X post: 'This is the highest sell-off since April.' Moreover, this sell-off sharply contrasts with the trend of large buyers accumulating Bitcoin in October, during which the positive inflow approached 250,000 BTC.
This significant sell-off occurred as the entire crypto market rebounded due to the nomination of President Donald Trump, who expressed support for the blockchain industry during his campaign. Bitcoin, in particular, was driven up, with prices soaring close to the new historical high of $100,000.
According to data from TradingView, Bitcoin's market dominance (i.e., its share in the total crypto market capitalization) is currently around 51%, down from recent highs of over 60%.
