Analysis: Bitcoin Whales Sold $600 Million Worth of BTC in Past Week
CryptoNewsTerminal Staff13 Aug, 2024
Analysis: Bitcoin Whales Sold $600 Million Worth of BTC in Past Week
Ali Martinez, a cryptocurrency analyst and trader, stated that "Bitcoin whales (holding 1,000-10,000+ BTC) have sold over 10,000 BTC in the past week. This represents roughly $600 million." He also said that "This distribution from BTC whales also precipitates a selloff in many of the top cryptocurrencies by market cap." Bitcoin is at a turning point and unless this selling pressure is met with equally strong buying from larger investors, it will likely continue.
