Long-term bitcoin holders have sold over 728,000 BTC in the past 30 days, according to data from CryptoQuant. That is nearly $67 billion worth of bitcoin, at current prices, according to The Block’s bitcoin price page.
“This marks the highest sell-off since April,” the firm wrote in an X post. It is also a reversal of a trend of large buyers vacuuming up bitcoins in October, which saw positive inflows of nearly 250,000 BTC.
The steep sell-off comes amid a crypto-wide market rally following the nomination of President-elect Donald Trump, who embraced the blockchain industry while campaigning. Bitcoin, in particular, shot up and set a new all-time high a few dollars shy of $100,000.
Bitcoin dominance, the measure of its share of the total crypto market cap, is currently around 51%, down from a recent high above 60%, according to TradingView data.
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