A crypto analyst has reported that Bitcoin whales, or large holders, have sold over $3.3 billion worth of BTC in just 10 days. Analyst Ali Martinez revealed that whales have sold more than 50,000 BTC.
Miners Join the Sell-Off
Martinez also noted that Bitcoin miners have contributed to the recent price drop by selling over 1,200 BTC, valued at $79.2 million.
Bullish Sentiment Emerges
Despite the sell-off, Martinez observed an increase in the taker buy-sell ratio on the HTX crypto exchange, indicating a shift towards bullish sentiment. He believes this suggests that buyers are taking advantage of the price dip.
Historical Pattern Suggests Rebound
Martinez compared the current price action to a similar pattern in May, when Bitcoin briefly fell below $60,000 before rebounding above $70,000. He speculates that BTC may follow a similar trajectory.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $66,222.
