Summary
- Crypto analyst Ali Martinez said large Bitcoin holders sold 70,000 tokens into the market over the past month.
- Glassnode data showed Bitcoin holdings in addresses with at least 1,000 tokens fell to 5.19 million from 5.26 million a month earlier.
- He said the whale selling may be one factor behind Bitcoin’s 20%% decline and its current trading level of $63,770.
Forecast Trend Report by Period
Large Bitcoin holders, known as whales, may be one factor behind the cryptocurrency’s recent weakness.
Crypto analyst Ali Martinez wrote on X on June 13 that whales had sold more than 70,000 Bitcoin into the market over the past month. He said that could help explain Bitcoin’s recent decline.
Glassnode data shared by Martinez showed that addresses holding at least 1,000 Bitcoin cut their combined holdings to 5.19 million tokens from 5.26 million a month earlier. That suggests about 70,000 Bitcoin were sold into the market during the period.
Bitcoin was trading at $63,770 as of 6:10 p.m. on June 13, down 20% from a month earlier.
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