🔥🔥🔥 #BitcoinWhales and Sharks Actively Selling as Price Dips, On-Chain Analysis Shows
Amid a broader #cryptocurrency market downturn that has led Bitcoin to fall below the $40,000 threshold, recent data reveals a trend of significant Bitcoin inflows into centralized exchanges, indicating substantial sell-offs by large investors.
On-chain analytics firm CryptoQuant's analysis highlights "active selling pressure from both sharks and whales in the market." Sharks, defined as entities holding between 100 and 1,000 BTC, and whales, those with over 1,000 BTC, are contributing to this selling pressure. Notably, these holders, exhibiting a higher ratio than short-term Bitcoin holders, had accumulated significant amounts of Bitcoin during the 2023 bull run, as per temporal data.
The cryptocurrency market experienced a surge earlier this year, with Bitcoin reaching a high above $49,000, coinciding with the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States. Investors speculated on substantial inflows for these funds, allowing both retail and institutional investors exposure to Bitcoin without the need to manage private keys.
It's worth noting that the recent crypto market sell-off occurs concurrently with a #JPMorgan research report that raised skepticism about the impact of spot Bitcoin ETFs on the market.
Source - cryptoglobe.com