Long-term Bitcoin (BTC) investors are selling with the recent price hikes.
Data transmitted by the on-chain analysis platform CryptoQuant indicates that some long-term investors holding Bitcoin for more than 6 months started selling as the price rose above $63,000.
It is emphasized that the volume of sales gained particular momentum in the last 2 days, and it was highlighted that the amount sold by these whales corresponds to more than 4,000 Bitcoin. This situation is supported by the “Binary CDD” indicator, which shows that long-term Bitcoin supply has been spent above the average level, becoming active for the past two days.
The group of investors holding Bitcoin from 6 months to 5 years sold an average of 4,000 BTC every day for 2 days. This movement was likened to the trend observed at the end of February about a week ago. However, the more remarkable aspect was that in the group of investors holding Bitcoin for 6-12 months, this amount reached approximately 18,000 BTC. The group of investors holding Bitcoin for 2-3 years did not show significant movement, so the data was not included in the analysis.
Pointing out that after the similar whale activities at the end of February, the Bitcoin price rose from $61,000 to $68,000, the CryptoQuant side implied that a similar rise could occur after this new activity.
