$BTC This behavior constitutes a change from the accumulating phase that started in October and lasted until December when most of these big participants increased their BTC holdings.

The shift is driven by ultra-large holders that own over 10K BTC, which have been selling since September. Also, Glassnode states that bitcoin whales holding between 1k and 10K BTC have ramped up their selling movements during the last two weeks.

This indicates the buying pressure of institutions like Microstrategy has been unable to drive the market to keep purchasing, even with the current pro-crypto stance of the upcoming administration. On Tuesday, crypto markets faced a tumultuous drop where close to $390 million were lost during the sudden downturn. Analysts also have predicted that the market could fall even further, with bitcoin prices reaching less than $94,000, and even testing the $91,000 level in a bear outcome if sellers start dominating the market and the selloff spreads.