A popular on-chain analyst reveals that wealthy Bitcoin holders are selling off billions of dollars worth of BTC.
Ali Martinez, the analyst, informs his 64,200 followers on X social media platform that Bitcoin whales have disposed of more than 50,000 BTC, totaling approximately $3.30 billion, in just a span of 10 days.
In addition to the whales, Martinez points out that miners are also liquidating their Bitcoin holdings.
“Bitcoin miners have contributed to the recent BTC price drop by selling over 1,200 BTC, valued at more than $79.20 million!”
While the whales and miners are reducing their BTC positions, Martinez highlights that Bitcoin’s taker buy-sell ratio on the crypto exchange HTX is on the rise. According to Martinez, this metric indicates a shift in sentiment towards BTC bulls.
“Someone is taking advantage of the Bitcoin dip! The BTC taker buy-sell ratio on HTX Global has surged to 545! This uptick in buying pressure signals bullish sentiment, hinting at a potential upward movement in BTC price.”
Examining Bitcoin’s four-hour chart, Martinez suggests that BTC may be mimicking its price movement from last month when it briefly dropped below $60,000 before bouncing back above $70,000.
“Could Bitcoin be on track to replicate its price action from May, when BTC dipped below the lower boundary of the parallel channel and quickly recovered?”
As of the time of writing, Bitcoin is being traded at $66,222.
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