Bitcoin LongTerm Holders Sell 12 Billion in Two Weeks as ETF Netflows Shift to Negative Territory

Key Points
– Long-term holder whales have sold $1.2 billion in Bitcoin, adding to selling pressure.
– Analysts anticipate a potential further decline in Bitcoin’s price to around $60,000.
– $1.6 billion sell-off could increase Bitcoin supply on exchanges, potentially lowering prices.

Bitcoin’s price has come under significant selling pressure, dropping to approximately $65,000. Recent data from CryptoQuant has revealed that long-term holder whales have offloaded $1.2 billion worth of Bitcoin in the last two weeks, contributing to this downward trend.

This substantial sell-off by long-term holder whales coincides with negative netflows observed in Bitcoin ETFs over the same period. According to Ki Young Ju, CEO of CryptoQuant, these whales, who usually hold onto their assets for extended periods, are major players in the market.

Furthermore, Bitcoin ETFs have experienced $460 million in outflows during the same timeframe, indicating a bearish sentiment in the market as more investors are withdrawing funds rather than investing.

The combined sell-side liquidity of approximately $1.6 billion could have a significant impact on the Bitcoin market. If this liquidity isn’t absorbed over-the-counter, brokers might deposit the Bitcoin onto exchanges, increasing the supply and potentially leading to a drop in its price due to heightened selling pressure.

Over the last two weeks, Bitcoin prices have fallen from $71,000 to around $64,850, attributed to factors such as a stronger dollar, investors moving away from riskier assets, and growth in traditional stock indices. Some analysts even predict that Bitcoin could fall further to around $60,000.