A popular on-chain analyst reveals that wealthy Bitcoin holders are currently liquidating billions of dollars’ worth of BTC.
With a substantial following of 64,200 on the social media platform X, analyst Ali Martinez discloses that Bitcoin whales have offloaded over 50,000 BTC, equivalent to around $3.30 billion, within a span of just 10 days.
In addition to the BTC whales, Martinez highlights that miners are also selling off their Bitcoin holdings. She notes, “Bitcoin miners have contributed to the recent BTC price dip by selling more than 1,200 BTC, valued at over $79.20 million!”
While whales and miners are divesting their BTC positions, Martinez points out that Bitcoin’s taker buy-sell ratio on the crypto exchange HTX is showing positive signs. According to her analysis, this metric indicates a shift in sentiment towards BTC bulls.
“Somebody is taking advantage of the Bitcoin drop! The BTC taker buy-sell ratio on HTX Global has surged to 545! This increase in buying pressure signals bullish sentiment, hinting at a potential upward movement in BTC price.”
Observing Bitcoin’s four-hour chart, Martinez suggests that BTC might be repeating its price pattern from the previous month, where the cryptocurrency briefly dipped below $60,000 before rebounding above $70,000.
As of the current moment, Bitcoin is trading at $66,222.
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