A closely followed on-chain analyst says deep-pocketed Bitcoin holders are cashing in billions of dollars worth of BTC.
Analyst Ali Martinez tells his 64,200 followers on the social media platform X that Bitcoin whales have unloaded more than 50,000 BTC worth roughly $3.30 billion in just 10 days.
In addition to BTC whales, Martinez says miners are selling their Bitcoin stacks.
“Bitcoin miners have played a role in the recent BTC price correction, selling over 1,200 BTC, worth more than $79.20 million!”
While whales and miners are offloading their BTC holdings, Martinez notes that Bitcoin’s taker buy sell ratio on the crypto exchange HTX is on the up and up. According to Martinez, the metric suggests that sentiment is shifting to the side of BTC bulls.
“Someone is buying the Bitcoin dip!
The BTC taker buy sell ratio on HTX Global surged to 545! This spike in buy pressure indicates bullish sentiment, suggesting an upward BTC price movement could be on the horizon.”
Looking at Bitcoin’s four-hour chart, Martinez suggests that BTC may be following in the footsteps of its price action last month when the crypto king briefly slipped below $60,000 before rallying above $70,000.
“Is Bitcoin poised to mirror its price action from May, when BTC fell below the parallel channel’s lower boundary and quickly rebounded?”
At time of writing, Bitcoin is trading at $66,222.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3