In the last two weeks, Bitcoin whales have sold a sizable quantity of the cryptocurrency, making major changes in the market. The cryptocurrency community has taken notice of this transaction, which has a market value of almost $3 billion and is estimated to be worth 70,000 BTC. The reasons behind such a significant divestiture in such a short amount of time have come under scrutiny in light of this large selloff.
A huge move in the cryptocurrency market has been executed by bitcoin whales, who have sold 70,000 BTC, or about $3 billion, in the last two weeks. This significant divestment has drawn attention from the cryptocurrency community and prompted questions about the reasons for such a large sell-off in such a short period.
Bitcoin ETFs on the Edge
In tandem with this significant advancement, Exchange-Traded Funds (ETFs) for Bitcoin, most famously represented by the “Cointucky Derby,” faced a difficult day. The Grayscale Bitcoin Trust ($GBTC) saw an extraordinary withdrawal that exceeded $640 million in a single day. These withdrawals show no signs of slowing down, suggesting growing investor anxiety.
The greatest day outflow for the trust ever recorded, the $640 million outflow from $GBTC marked a noteworthy milestone. Outflows from $GBTC have now totaled a significant $3.45 billion, highlighting the extent of the current sell-off.
An update on the matter disclosed BlackRock’s participation in the Bitcoin ETF market. Remarkably, $IBIT experienced its third-largest inflow day, drawing $272 million into the fund. Interestingly, $IBIT kept a net outflow of just -$76 million for the day, despite withdrawals seen in other Bitcoin ETFs.
In conclusion, Bitcoin whales have created waves with the selling of 70,000 BTC, or $3 billion, in just two weeks. At the same time, significant withdrawals have been experienced by Bitcoin ETFs, most notably $GBTC, and BlackRock’s involvement in the crypto space has produced inconsistent outcomes.
Personal Note From MEXC Team
Check out our MEXC trading page and find out what we have to offer! There are also a ton of interesting articles to get you up to speed with the crypto world. Lastly, join our MEXC Creators project and share your opinion about everything crypto! Happy trading! Learn about interoperability now!
Join MEXC Creators Project or start your travel on MEXC
This article was contributed by our guest writer. Want to share something unique with over 10 million users? Check out the MEXC Creators program.