Bitcoin Whales Offload $1.2 Billion in Fortnightly Sales

The largest Bitcoin holders, including miners, have reduced their positions by $1.2 billion over-the-counter in the past two weeks, according to estimates from CryptoQuant.

#Bitcoin long-term holder whales sold $1.2B in the past 2 weeks, likely through brokers.

ETF netflows are negative with $460M outflows in the same period.

If this ~$1.6B in sell-side liquidity isn’t bought OTC, brokers may deposit $BTC to exchanges, impacting the market. pic.twitter.com/oYeKsRqKeF

— Ki Young Ju (@ki_young_ju) June 18, 2024

During the same period, BTC-ETF saw a net outflow of $460 million.

“If this ~$1.6 billion in sell-side liquidity isn’t bought over-the-counter, brokers may move Bitcoin to CEX, affecting the market,” commented the company’s CEO Ki Young Ju.

According to Lucy Hu from Metalpha, miners might shift their focus from mining the primary cryptocurrency to participating in the AI sector, potentially leading to sales of accumulated reserves.

“The reward drop [post-halving] has prompted the search for other revenue channels. As AI-related firms require energy-intensive data centers, miners are gradually increasing income from sales in this area,” — she explained.

Should Bears Be Alert?

According to CoinGlass, if the price breaks $70,000, the volume of forced short closures could reach $1.67 billion. This level was last observed on June 8.

“An insane amount of Bitcoin short liquidations is accumulating at the top,” noted crypto trader Ash Crypto.

#BITCOIN BREAKOUT IS LOADING

THE PRICE IN THE DAILY CHART IS
FORMING A BIG BULLISH FALLING
WEDGE. STOCKS ARE MAKING NEW
HIGHS AND WE CAN EXPECT A SHIFT
IN MARKET MOMENTUM.

LET’S PRAY FOR $80K THIS TIME! pic.twitter.com/myIGW0BNZX

— Ash Crypto (@Ashcryptoreal) June 19, 2024

Crypto analyst Willy Woo suggested that a potential “wipeout” could push the digital gold’s rate to its ATH.

Here’s a view of just how much paper bets on #Bitcoin there is right now.

The solid yellow chart is a z-score oscillator looking at how significant it is locally.

We need a solid amount of liquidations still before we get the all clear for further bullish activity. https://t.co/tswxQwxlc1 pic.twitter.com/TwGG5tf50z

— Willy Woo (@woonomic) June 19, 2024

“We still need a solid amount of liquidations before we clear the way for further bullish activity,” he pointed out.

Earlier, CryptoQuant analysts reported that Bitcoin approached the aggregate breakeven level for speculators (~$65,800). This mark will act as support, and if breached, could trigger a correction down to $60,000.

As noted by Glassnode, a decisive price movement in either direction is necessary to exit range-bound trading.