Bitcoin’s price has faced considerable selling pressure, plunging to approximately $65,000. Recent data from CryptoQuant revealed that the Bitcoin market has witnessed significant activity, with long-term holder whales offloading $1.2 billion worth of Bitcoin in the past two weeks. 

Notably, this massive sell-off aligns with negative netflows observed in Bitcoin ETFs over the same timeframe.

Major Sell-Off by Long-Term Whales

According to Ki Young Ju, CEO of CryptoQuant, Bitcoin long-term holder whales have sold $1.2 billion worth of Bitcoin in the last two weeks, likely through brokers. These whales, who typically hold their assets for extended periods, are significant players in the market.  

In addition to the whale sell-off, Bitcoin ETFs have experienced $460 million in outflows over the same period. Negative net flows in ETFs suggest that more investors are pulling their money out of these financial products than putting in. 

This trend in ETFs further underscores the current bearish sentiment in the market, as investors seem to be pulling out funds rather than investing more.

Potential Market Impact

The combined sell-side liquidity of approximately $1.6 billion could have a substantial impact on the Bitcoin market. If this liquidity isn’t absorbed over-the-counter (OTC), brokers might deposit the Bitcoin onto exchanges. 

Such a move would increase the supply of Bitcoin on exchanges, potentially leading to a drop in its price due to the heightened selling pressure.

Bitcoin Price Action

Over the last two weeks, Bitcoin prices have dropped from $71,000 to around $64,850. This decline is attributed to factors like 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.

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