The data on the blockchain indicates that Bitcoin whales have engaged in significant selling activity over the recent month, potentially contributing to the bearish trend of BTC.

Bitcoin Whales Engage in Selling Amid Market Decline

An analyst named Ali highlighted in a recent post on X that BTC whales have been selling their holdings. The key metric being monitored is the “Supply Distribution” by analytics firm Santiment, which tracks the total BTC held by different wallet groups.

Whale investors typically hold between 1,000 and 10,000 BTC, worth millions of dollars. Their large holdings give them considerable market influence, making their actions noteworthy.

The chart shared by the analyst illustrates a downward trend in Bitcoin Supply Distribution for whales over the past month, showing a net sale of 30,000 BTC, equivalent to over $1.65 billion presently.

The recent sharp decline in this metric indicates that the selling pressure from these large investors has contributed to the cryptocurrency’s price drop. It remains uncertain whether the whales’ selling activity will continue, potentially leading to further market volatility.

Bitcoin Price Movement

Bitcoin has experienced a more than 10% decrease over the past week, reaching $55,000, a level last seen in late February.

The following chart demonstrates the recent price trajectory of Bitcoin.