According to U.Today, cryptocurrency analyst and trader Ali Martinez has reported a significant Bitcoin sell-off recently. Large cryptocurrency whales and miners have reportedly sold Bitcoin worth over four billion U.S. dollars. Data from the Santiment on-chain data agency was used to illustrate this. In the last 10 days, whales have offloaded more than 50,000 BTC, valued at approximately $3.30 billion. Additionally, Bitcoin miners have sold over 1,200 BTC, worth nearly $80 million. These two groups have collectively disposed of over $4 billion worth of Bitcoin.
Miners regularly sell BTC to cover operational expenses and cash out profits from the mining business, especially when Bitcoin hits a new local high. Over the past week, Bitcoin, the world's leading cryptocurrency by market capitalization, has seen a nearly 9% drop, falling from $71,655 to $65,228. As of the time of writing, BTC has managed a slight recovery, adding 1.48% and trading at $66,160.
Cryptocurrency trader and entrepreneur Willy Woo suggests that old Bitcoin holders, referred to as 'original gangsters' or 'OG', are actively selling BTC. He stated that this pattern is as old as the genesis block and that they sell into every bull market. Despite the sell-off, many large players continue to buy BTC. According to an earlier tweet from Ali, whales withdrew roughly $1 billion worth of Bitcoin from crypto exchanges within 48 hours, equating to 14,140 BTC.