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A recent post by crypto analyst Ali Martinez indicates that Bitcoin BTC/USD whales have been offloading a significant amount of their BTC holdings, causing concern for investors and traders.
What Happened: According to the post, Bitcoin whales have sold over 80,000 BTC in the last three days, amounting to approximately $4.8 billion. This substantial sell-off has raised a red flag for market participants, urging them to exercise caution.
Martinez wrote, Investors and traders are advised to proceed with caution!
See Also: Dogecoin, Shiba Inu, BONK Record Major Gains, Mark Their Territory Among Top Gainers Analyst Predicts 600% Surge In DOGEs Price, Says Pump Hasnt Even Started
Why It Matters: This massive sell-off by Bitcoin whales comes on the heels of an optimistic prediction for Bitcoins future. Just a day before, Alex Thorn, Head of Firmwide Research at Galaxy Digital, forecasted that Bitcoin was on track to hit a new all-time high within weeks. Thorn attributed the recent surge in Bitcoins price to the influx of institutional investments, with Bitcoin ETFs recording a net $576 million of BTC, marking BlackRocks largest-ever day of inflows.
However, this recent sell-off by Bitcoin whales has sparked concern among investors and traders, raising questions about the potential impact on Bitcoins price and the broader market. The sell-off coincides with a drop in Bitcoin mining stocks, which occurred despite a surge in the leading cryptocurrencys price. Gold advocate and Bitcoin critic Peter Schiff highlighted the decline in Bitcoin mining stocks, suggesting it could be a sign of trouble ahead for Bitcoin and its related ETFs.
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