According to a research report by on-chain analysis company CryptoQuant, Bitcoin selling pressure has mainly come from long-term holders and miners in the past two weeks, and there are currently no signs of re-accumulation.

Wallets tracked by CryptoQuant show that whales have sold more than $1.2 billion worth of Bitcoin in the past two weeks, with these large transactions likely being done through brokers rather than on the open market. The report states:

Traders still have not increased their Bitcoin holdings, and demand growth from large investors is still lacking; the liquidity of stablecoins continues to slow down, with the growth rate being the slowest since November 2023.

CryptoQuant tracked Bitcoin’s “Unspent Transaction Output (UTXO) Age” and found that after Bitcoin exceeded $70,000 last month, the holdings of large whales decreased.

Generally speaking, analysts will use UTXO to determine when Bitcoin has been moved, how many are in the hands of long-term holders, and the buying and selling patterns of traders. A decrease in "UTXO age" usually means that Bitcoin changes hands more frequently and investors' selling behavior increases; conversely, an increase in "UTXO age" means that sellers have lost motivation and the market has begun to shift to a "currency hoarding mode."

Market observers pointed out that Bitcoin miners may have gradually turned to the booming artificial intelligence (AI) field, so they chose to sell every time mining rewards were received, and did not continue to hold these Bitcoins. Lucy Hu, senior analyst at Metalpha, said:

Since the Bitcoin halving, more and more miners are turning to AI business. The reduction in mining rewards has prompted them to look for other sources of income. Bitcoin miners are gradually gaining more revenue from AI companies as their demand for energy-intensive data centers increases.

Since June 5, Bitcoin prices have fallen from US$71,000 to about US$65,000. At the same time, US-listed Bitcoin ETFs also recorded net outflows of more than US$600 million last week, the highest level since the end of April. Worst performance ever.

Analysts warn that Bitcoin prices are likely to fall to $60,000 amid a continued lack of bullish themes in the market.

〈Bitcoin “giant whale” dumped $1.2 billion in two weeks! Research: Selling pressure comes from long-term holders, miners> This article was first published on "Blocker".