Bitcoin (BTC) Price Drop: The Outflow Trend from the Market's Key Bitcoin Holders

The most activity and impact in the recent drop have come from short-term Bitcoin whales and highly active addresses, which makes sense given the significant

Bitcoin has been trading sideways for the past couple of days now, and the market has been observing a crucial period of time. As per stats, the recent price drop of Bitcoin has been caused due to the short-term BTC whales and highly active addresses.

This selling pressure has teased the smaller traders to sell off their Bitcoin holdings causing a price drop and massive outflow of Bitcoin. The stats have been shared by an analytical firm known as CryptoQuant from its official X account.

Bitcoin has been seen trading around $60K and failed to properly recover from the last market downturn a couple of weeks back. Speaking of the BTC price drop, other altcoins have also been affected parallel to the stock market. For now, BTC is somehow showing poor performance and struggling to maintain a price value above 60K.

Bitcoin Outflows Categorized into Four Main Categories

As per stats, short-term BTC whales and highly active addresses have increased the selling pressure in the market due to which chaos is being spread across the crypto market. Bitcoin outflows have been categorized into four main categories.

These categories include highly active outflow, novice BTC whales, frequent centralized exchanges (CEX) outflow receiving outflows, and frequent In-out flow addresses outflow. As per CryptoQuant, The most prominent selling pressure has directly come from the short-term Bitcoin whales and highly active addresses.

This selling pressure has teased the smaller trader to sell off their BTC holdings causing a price drop and massive outflow of Bitcoin. BTC Struggles To Maintain Above 60KBitcoin, the leading cryptocurrency, is struggling to maintain above 60K amid the outflow and increased selling pressure.

After a recent market downturn, BTC maintained its legacy of being the market leader and pumped immediately and struggling to maintain above 60K.

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