The Last Six Days: $BTC Bitcoin whales — addresses holding 10,000 to 100,000 BTC — sold more than 30,000 BTC (over $3.45 billion). This sell-off is likely related to the desire to lock in profits as Bitcoin reached peak highs. CryptoQuant analyst JA Maartunn notes that this sales model aligns with past whale behavior during rallies.
"Bitcoin rose to $120,000, but whales are using the rally to lock in profits with a third wave of selling."
Whale actions have caused a sharp decrease in Bitcoin's price. The sudden influx of BTC onto exchanges intensified selling pressure, leading to a price drop.
The macro situation with Bitcoin shows weakness. The recent spike in the Coin Days Destroyed metric has become the second largest this year, reports CryptoQuant. The metric assesses transaction volumes in terms of how long coins remained dormant before the transaction. It tracks the activity of long-term holders (LTH). Its surge indicates that LTH are more actively selling their assets.
