Bearish market conditions for bitcoin (BTC) have remained persistent over the last few weeks, with selling activity from large investors and major players exacerbating the negative trend.
A weekly report from the on-chain analytics platform CryptoQuant revealed that although daily BTC selling from large investors has eased up a bit, Bitcoin miners are still offloading their assets at a significant rate.
Miners Are Selling Their BTC
Since late February, whales have been realizing losses due to the drop in bitcoin’s price. This came after they took profits in January amid bitcoin’s ascent above the $100,000 range. While this cohort of investors is still realizing losses, their daily BTC sales have fallen from 800,000 in late February to about 300,000.
Since early April, whales’ total BTC balance has plummeted from 3.537 million to 3.500 million, and their monthly accumulation percentage growth has dropped to zero. Whales have been accumulating BTC at the slowest monthly pace since
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