Bitcoin Mega Whales Sold 25,740 BTC Amid Recent Price Decline
According to market intelligence platform IntoTheBlock, Bitcoin mega whales have been selling off their holdings, contributing to recent price declines.
Key Points
- Entities holding more than 10,000 BTC ($889 million) are categorized as mega whales.
- Over the past week, these mega whales sold 25,740 BTC (approximately $2.3 billion).
- The selloff began days before the significant price drop, indicating prior awareness of potential declines.
- Smaller holders are accumulating Bitcoin during this downturn, contrasting with the mega whale behavior.
- Coinbase Premium Index shows negative trends, suggesting that US-based institutional investors led the selling pressure.
- Bitcoin's price recently dipped to around $86,000 but has rebounded to approximately $88,700.
