Bitcoin (BTC) is currently undergoing a sell-off, marking the first time since December 2023 that the flagship cryptocurrency has dropped below the $40,000 support zone.
This selling pressure aligns with a phase where Bitcoin whales are actively dumping a significant portion of their holdings. Notably, data from cryptocurrency analyst Ali Martinez revealed that as of January 23, Bitcoin whales had unloaded nearly 70,000 BTC, almost $3 billion, within the past two weeks.
Bitcoin whales selling activity. Source: Ali Martinez
It’s worth noting that the recent activity of the whales has unfolded against the backdrop of the approval of the spot Bitcoin exchange-traded fund (ETF), deemed a bullish catalyst for the cryptocurrency. The product has recorded significant outflows with Grayscale Bitcoin Trust (GBTC) accounting for the highest share.
At the same time, the selling pressure could be interpreted in various ways, such as whales taking some of their profits following Bitcoin’s rec
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