Benzinga - A recent post by crypto analyst Ali Martinez indicates that Bitcoin (CRYPTO: BTC) 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!”
There has been a significant spike in profit-taking by #Bitcoin whales!Over the past three days, they've sold off more than 80,000 $BTC, equating to approximately $4.8 billion. Investors and traders are advised to proceed with caution! pic.twitter.com/M44jAIwutw
— Ali (@ali_charts) February 29, 2024
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Why It Matters: This massive sell-off by Bitcoin whales comes on the heels of an optimistic prediction for Bitcoin’s 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 Bitcoin’s price to the influx of institutional investments, with Bitcoin ETFs recording a net $576 million of BTC, marking BlackRock’s 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 Bitcoin’s price and the broader market. The sell-off coincides with a drop in Bitcoin mining stocks, which occurred despite a surge in the leading cryptocurrency’s 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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