According to PANews, Ki Young Ju, CEO of CryptoQuant, stated on Twitter that Bitcoin whales, or large-scale holders, have sold $1.2 billion worth of Bitcoin through brokers in the past two weeks. Concurrently, Bitcoin ETFs experienced a net outflow of $460 million during the same period. If this approximately $1.6 billion seller liquidity is not absorbed by the over-the-counter (OTC) market, brokers may deposit the Bitcoin into exchanges, which could potentially impact market prices.
CoinDesk reports that data indicates this sell-off coincides with the net outflow of Bitcoin ETFs listed in the United States during the same period. The correlation between the large-scale sell-off by Bitcoin whales and the outflow from Bitcoin ETFs suggests a potential shift in the market dynamics. However, the impact on market prices will depend on whether the OTC market can absorb the liquidity from these sales.