Bitcoin Mega Whales The Primary Sellers During Price Crash, Analytics Firm Reveals

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The market intelligence platform IntoTheBlock has revealed that the largest Bitcoin holders, known as mega whales, have been selling off their supply during the recent price decline. These mega whales are entities that hold more than 10,000 BTC in their balance, equivalent to $889 million at the current exchange rate.

According to IntoTheBlock, the mega whales have sold 25,740 BTC, or almost $2.3 billion, over the last seven days. This selling pressure from the mega whales has been a significant factor in the recent price crash. However, smaller entities in the market have been accumulating Bitcoin during this time, seeing the price drop as an opportunity to buy.

It will be important to monitor the behavior of the mega whales in the coming days, as their actions could potentially influence the direction of the market. Additionally, differences in behavior between investors on exchanges like Coinbase and Binance can provide insights into market dynamics, as seen through metrics like the Coinbase Premium Index.

Despite the recent price dip, Bitcoin has seen a rebound and is currently trading around $88,700. The price chart over the last five days shows fluctuations in the coin’s value but also indicates some recovery from the recent drop.