Recent blockchain data shows that large Bitcoin holders sold approximately 140,000 Bitcoins in February, with a total value exceeding $6.5 billion. These holders' wallet addresses typically hold between 1,000 and 10,000 Bitcoins.
This selling behavior coincides closely with the timing of the market's significant decline. Prior to this, these large holders had been accumulating Bitcoin in large quantities for several weeks. Therefore, analysts speculate that the selling by these large holders may be one of the main reasons for the recent plunge in Bitcoin prices.
Looking back at Bitcoin's recent performance, it reached an all-time high of $58,400 a week ago. However, in the following days, the price of Bitcoin dropped by more than 20%, and it is currently fluctuating in the range of $45,000 to $46,000.
The on-chain data analysis platform pointed out that from March 2020 to early February 2021, the number of addresses holding more than 1000 Bitcoins increased by over 14%. The platform attributes this phenomenon