In the past 30 days, BTC holders have sold over 728,000 bitcoins, worth nearly $67 billion at current exchange rates, according to CryptoQuant data. This is the largest wave of sales since April. In October, savvy traders accumulated almost 250,000 BTC, which was a positive influx. The increased volume of sales occurred amid a crypto market rally, with Bitcoin’s price reaching unprecedented levels in recent weeks and setting new all-time highs.
This may have been due to several factors, with the most significant being Donald Trump’s victory in the US presidential election on November 5. Trump’s crypto-friendly position and a related crypto trading company’s acquisition have contributed to the positive impact on the BTC price. BTC’s dominance, which measures its share of the crypto market, hit a 3.5-year high and continued to grow, with the majority of transactions conducted on crypto exchanges involving Bitcoin.
However, TradingView data shows that Bitcoin’s dominance has fallen from a recent peak of over 60% to 51%. The question remains whether routine holders discovered a potential ominous sign, and if BTC’s golden age will end with a drastic price drop.
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