The Bitcoin market has set off a huge wave of selling, and whales selling $4.1 billion has caused a shock
The Bitcoin market has recently encountered an unprecedented selling storm. The source of this storm is actually a group of miners and whales holding huge amounts of Bitcoin that have swept the entire market.
According to Ali Martinez, a senior cryptocurrency analyst, these miners and whales with huge amounts of Bitcoin sold up to $4.1 billion in BTC in a short period of time. This astonishing figure instantly caused the market to fall into panic. Martinez provided strong evidence for this selling frenzy through the charts of the on-chain data agency, which made people marvel at the power of this storm.
In the past ten days, whales have sold more than 50,000 Bitcoins, worth up to $3.3 billion. Miners have also sold more than 1,200 Bitcoins, worth nearly $80 million. The total value of Bitcoin sold by the two is more than $4 billion. This selling wave has undoubtedly brought a huge impact on the entire market.
The price of BTC suffered a heavy blow in this sell-off storm, plummeting nearly 9% from its original high of $71,655 to $65,228 on Friday. This drop has made countless investors feel uneasy, and the market seems to have fallen into darkness.
The test of the bull market is not only the ups and downs of the market, but also the test of our mentality. In the face of changes in our accounts, we must remain calm and rational. Don't rush to sell because of a temporary loss, and don't blindly chase high because of a temporary profit.
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