- Large holders, or whales, were estimated to have distributed 70,000 Bitcoin into the market over the past month.
- Addresses holding more than 1,000 Bitcoin saw their combined holdings fall from 5.26 million to 5.19 million tokens.
- Bitcoin was down 20%% from a month earlier and traded at $63,770.
Forecast Trend Report by Period
Large Bitcoin holders, known as whales, have been cited as one factor behind the cryptocurrency’s recent weakness.
Crypto analyst Ali Martinez wrote on X on June 13 that whales had distributed more than 70,000 Bitcoin into the market over the past month, a move that could help explain the token’s recent decline.
Glassnode data he shared showed that addresses holding more than 1,000 Bitcoin cut their combined holdings to 5.19 million tokens from 5.26 million a month earlier. That amounts to about 70,000 Bitcoin sold over the period.
Bitcoin was down 20% from a month earlier and traded at $63,770 as of 6:10 p.m. on June 13.
