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BitcoinBitcoin Holders Sell Off 10 Billion Worth of BTC Dumped in May...

Bitcoin Holders Sell Off 10 Billion Worth of BTC Dumped in May Alone

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Recent data provided by IntoTheBlock has revealed an interesting trend in the Bitcoin market. Throughout 2024, long-term investors have been reducing their Bitcoin holdings at a significant rate. This is noteworthy because the actions of these experienced holders have historically served as a crucial indicator of market confidence and potential future price movements.

One particularly striking point occurred in May 2024 when approximately 160,000 BTC, valued at roughly $10 billion, were liquidated. This marked the largest monthly sell-off of the year and signaled a shift in sentiment among long-term holders towards the cryptocurrency.

Following this substantial outflow, the selling activities in June slowed down comparatively, with only 40,000 BTC leaving these wallets. These data points are important as they suggest a cooling-off period after a significant market exit, which could impact the price volatility of the asset and investor confidence.

Despite the significant sell-off, Bitcoin’s market price has shown resilience and continues to experience moderate fluctuations. As of the latest updates, Bitcoin is trading at $61,297, reflecting a 1.7% decrease on the day and an overall decline of about 4% over the past week. This current valuation comes after a short-lived peak where Bitcoin reached $62,314 within the same 24-hour period.

The recent movements in Bitcoin’s price and the sell-off trends among long-term holders indicate that some market participants are adopting a more cautious approach. These dynamics highlight the delicate balance between maintaining long-term investment in Bitcoin and securing profits or minimizing losses in response to market shifts.

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