Long-term bitcoin holders sold over 728,000 BTC in the past 30 days: CryptoQuant

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The Block2024/11/25 16:00

By:The Block

Quick Take Long-term bitcoin holders have sold over 728,000 BTC in the past 30 days, according to data from CryptoQuant. According to the same data set, the sell-off represents a reversal of whales’ buying hundreds of thousands of bitcoin in October.

Long-term bitcoin holders sold over 728,000 BTC in the past 30 days: CryptoQuant image 0

Long-term bitcoin holders have sold over 728,000 BTC in the past 30 days, according to data from CryptoQuant. That is nearly $67 billion worth of bitcoin, at current prices, according to The Block’s bitcoin price page.

“This marks the highest sell-off since April,” the firm wrote in an X post. It is also a reversal of a trend of large buyers vacuuming up bitcoins in October, which saw positive inflows of nearly 250,000 BTC.

The steep sell-off comes amid a crypto-wide market rally following the nomination of President-elect Donald Trump, who embraced the blockchain industry while campaigning. Bitcoin, in particular, shot up and set a new all-time high a few dollars shy of $100,000.

Bitcoin dominance, the measure of its share of the total crypto market cap, is currently around 51%, down from a recent high above 60%, according to TradingView data .

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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