Decade-Old Whales Increase Sales Amid Sideways Bitcoin Pattern
Main Idea
Decade-old Bitcoin whales have increased sales amid a sideways market trend, impacting the bullish outlook, while Ethereum and BNB show resilience.
Key Points
1. 10-year Bitcoin whales have sold significant volumes of crypto assets in the last seven days, some holding since 2014.
2. These whales initially accumulated Bitcoin when it traded around $1000, now yielding gains up to 117,000%.
3. Bitcoin reached a new all-time high above $122k before correcting slightly to above $118k.
4. Ethereum and BNB bucked the market trend, with BNB tapping an all-time high and institutions like SharpLink adding $295 million worth of ETH to reserves.
5. A decrease in Bitcoin holdings by U.S.-based institutions has historically led to medium to long-term sideways movement and corrections.
Description
The digital asset market has recorded mixed Bitcoin (BTC) activities, leading to sideways trading over the past week.
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