Major Bitcoin holders have stepped up and withdrawn a significant amount of BTC from exchanges over the past week.
While the value of the major cryptocurrency was at a high of over $73,000, large investors decided to take profits and dump over 21,400 BTC.
The Bitcoin sell-off has the crypto community abuzz. Crypto analyst Ali Martinez posted his observations in X. He pointed out that a staggering amount of 21,401 BTC has been withdrawn from crypto exchanges in the last 7 days. In this way, the whales cashed out the profits they made from the impressive growth of Bitcoin.
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According to the statistics, the maximum activity of whales was noted on Thursday, March 14. On that day, large holders withdraw Bitcoins for a whopping 752 million dollars. This was the largest daily withdrawal since May 2023.
Such a move could not go unnoticed by the market, and the next day, March 15, Bitcoin reacted with a significant drop of 7%. As a result, the crypto market showed a general bearish sentiment, and the decline accelerated. Also negative was the data on the producer price index in the United States, which was released on Thursday.
At the time of writing, the value of Bitcoin was hovering around $65,549. The decline for the week amounted to 5.7%, of which the cryptocurrency has fallen in price by 5.3% in the last 24 hours.
According to Coinglass, exchanges are now offering only $1.81 million worth of BTC for sale. This underscores the significance of the reduced supply of Bitcoins. At the same time, 13 new whales with assets of over 1,000 BTC have been registered on the market.
The decline in the value of the main cryptocurrency continues. On Sunday morning, the price fell below $64,860, which means that the decline amounted to more than 10% of the recent all-time high of $73,836.
Bitcoin trading volume for the day was just $56.705 billion. So far, BTC's gain for the month is still over 27%, according to Coingecko.
Bearish market sentiment is intensifying amid the mass liquidation of long positions. Over the past 24 hours, $145.34 million worth of Bitcoins have been liquidated, of which $125.81 million were long positions. This may have caused the observed decline in the price of Bitcoin. Short traders did not try to close their positions and tried to profit from the bearish trend.
The Bitcoin price correction is not recognized by most crypto experts, but a sustained decline takes a toll on the crypto market. As a result, 151,000 traders decided to liquidate their positions overnight. The market's decline caused the total liquidations to rise to $426.02 million, with Bitcoin accounting for the majority of them.
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