Bitcoin Whales and Miners Dumped $4.1B Worth of BTC, the Crypto Fear and Greed Index Flashes Extreme Fear

Cryptocurrency analyst and trader Ali Martinez has published several tweets to spread the word about a massive Bitcoin selling spree that has taken place recently.

Renowned cryptocurrency analyst and trader Ali Martinez has taken to Twitter to highlight a large-scale Bitcoin selling spree, sharing his insights on the scenario BTC needs to follow to avoid a bigger correction.

Large cryptocurrency whales and miners have sold a huge amount of Bitcoin, according to charts shared by Martinez from the Santiment on-chain data agency.

As per one of the tweets, whales have dumped more than 50,000 BTC over the last 10 days; this massive amount of crypto is valued at approximately $3.30 billion. In addition to that, Bitcoin miners have sold over 1,200 BTC, to the tune of almost $80 million. Together, these two groups of market players have sold off more than $4 billion worth of Bitcoin.

On-chain data from @santimentfeed reveals that #Bitcoin whales have sold over 50,000 $BTC in the past 10 days, totaling approximately $3.30 billion! pic.twitter.com/4p1pQVAUMi

Miners routinely conduct BTC sales to obtain some cash to cover their operational expenses and cash out profits from the mining business. This usually happens when Bitcoin hits a new local high.

Bitcoin price drops nearly 9%

Over the last week, the world’s leading cryptocurrency by market capitalization value, Bitcoin, has seen a drop of nearly 9%, falling from the $71,655 level to $65,228 on Friday.

However, BTC has staged a small recovery, adding 1.48% and trading at $66,160 at the time of writing this article.

Cryptocurrency trader and entrepreneur Willy Woo believes that old Bitcoin holders (“original gangsters,” or “OG”) are actively selling BTC now. “And they sell into every bull market. This pattern is as old as the genesis block.”

They have more BTC than all the spot Bitcoin ETFs, he tweeted, sharing a chart of a rising number of dormant BTC coins that have been sold recently.

At the same time, many large players continue to buy BTC. This week, according to an earlier tweet by Ali, within 48 hours, whales withdrew roughly $1 billion worth of Bitcoin from crypto exchanges – that is, 14,140 BTC.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-whales-miners-dumped-b-worth-btc-crypto-fear-greed-flashes-extreme-fear.html

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