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Large Investors sold 140,000 BTC in February, worth $6.5 billion, causing the market to fall.
Recent on-chain data shows that large Bitcoin holders sold a significant amount of assets in February. According to statistics, addresses holding between 1,000 and 10,000 Bitcoins sold approximately 140,000 Bitcoins this month, with a total value exceeding $6.5 billion.
These large holders, after accumulating a significant amount of Bitcoin over several consecutive weeks, have begun to reduce their holdings of Bitcoin in recent days. Notably, this sell-off coincides closely with the timing of a sharp market decline, leading some analysts to believe that the actions of these large holders may be one of the important factors contributing to the recent sharp drop in Bitcoin prices.
Looking back at the price trend of Bitcoin, it reached an all-time high of $58,400 a week ago, but then plummeted over 20% in just a few days, currently fluctuating in the $45,000-$46,000 range.
The data platform pointed out that from March 2020 to early February 2021, the number of addresses holding more than 1000 Bitcoins increased by over 14%, which is referred to as the "Growth Season for Bitcoin Whales." During this period, the price of Bitcoin soared from a low of $4000 to nearly $60,000. However, last week, these whales seemed to choose to take profits, significantly reducing their holdings.
Additionally, it is worth noting that the Bitcoin ETF product recently launched in Canada currently holds over 10,000 Bitcoins, valued at nearly $500 million. As the first of its kind in North America to receive regulatory approval, it may have a significant impact on the adoption and long-term price trends of Bitcoin.