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Bitcoin whale activity sees $3.4B sold as price hits $92K ceiling, institutional players shift to selling amid market resistance.
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Bitcoin whales have quietly sold enormous amounts of the cryptocurrency in the past two weeks. In just a few days, investors holding 10,000-100,000 BTC have either sold or redistributed approximately 36,500 BTC, totaling about $3.4 billion. This cohort comprises institutional custodians and early miners who have held their positions for several years. The 12-day selling spree represents a sharp turn from accumulation to distribution by these whales. What’s driving Bitcoin whales’ activities, and what does the future hold based on historical data?
The whale activity also comes at a time when Bitcoin is struggling to maintain its position above the $92,000 mark. During the early Asian session on Friday, the cryptocurrency changed hands at $92,250, down 0.2% from previous levels. Traders are closely monitoring the $94,000 resistance level. On multiple occasions, Bitcoin has failed to breach the trendline convincingly. Interestingly, this price consolidation is occurring despite Bitcoin’s increasing adoption in several industries. This growing use of cryptocurrency extends beyond payments and trading into everyday digital entertainment. Major retailers are beginning to accept crypto payments, with Bitcoin spearheading the charge, and the best Bitcoin casinos have been the go-to for users who want more than just the gaming options and exclusive bonuses, but also benefit from Bitcoin’s speed and reliability. This indicates that this near-term resistance may not be reflective of the cryptocurrency’s real-world use.
