The latest on-chain data indicates that Bitcoin investors, particularly whales, have been capitalizing on the recent price surge by selling portions of their holdings. Notably, Bitcoin whales have offloaded about 30,000 BTC, valued at approximately $1.86 billion, within just four days.
Prominent crypto analyst Ali Martinez shared that this activity picked up following Bitcoin's climb above $63,000. This whale behavior correlates with the US Federal Reserve's interest rate cut, which acted as a catalyst for the price increase.
Despite the heavy selling, Bitcoin's price has shown resilience, maintaining a value of $63,131, which is only a 0.1% decline in the past day. The recent trend even defies historical patterns for September, typically a bearish month, with Bitcoin up by over 6.8% so far.
The influence of whale activities on market dynamics remains significant. As these large holders sell, it can prompt caution among other investors, potentially leading to a temporary price pullback or increased selling pressure.
