Some of the major Bitcoin whales may have started selling, according to analysts at Citigroup.
“On-chain data shows that the number of addresses holding large amounts of Bitcoin is gradually decreasing, while the number of small investor wallets is increasing. It appears that some long-term investors have turned to the sell side,” bank analyst Alex Saunders wrote in a note.
Bitcoin fell over 6% yesterday, falling below the key support level of $100,000. This is the first time BTC has fallen below that level since late June. This decline coincides with a decline in investor appetite for both cryptocurrencies and AI stocks.
Price movements in recent weeks suggest that Bitcoin’s downward trend continues. After a historically strong October, this year’s sales fell short of expectations for the first time since 2018. Citigroup cited the flare-up in U.S.-China trade tensions and the resulting liquidation of highly leveraged digital asset positions as the main reason for the decline.
At the time of writing, Bitcoin was trading at $103,788, up 3.2%. However, BTC is still falling, dropping 6% this week.
*This is not investment advice.
