A popular on-chain analyst reveals that wealthy Bitcoin holders are cashing out billions of dollars worth of BTC.

Ali Martinez, an analyst with a large following on X social media platform, reports that Bitcoin whales have sold over 50,000 BTC, equivalent to around $3.30 billion, in just a span of 10 days.

In addition to the whales, Martinez notes that Bitcoin miners are also selling off their Bitcoin holdings. She states, “Bitcoin miners have contributed to the recent BTC price drop, selling more than 1,200 BTC, valued at over $79.20 million!”

Despite the selling pressure from whales and miners, Martinez points out that Bitcoin’s taker buy sell ratio on the HTX crypto exchange is showing signs of bullish sentiment. She highlights, “Someone is taking advantage of the Bitcoin dip! The BTC taker buy sell ratio on HTX Global has surged to 545! This increase in buying pressure indicates positive sentiment, hinting at a potential upward movement in BTC price.”

Analyzing Bitcoin’s four-hour chart, Martinez suggests that BTC could be repeating its price action from the previous month when it briefly dropped below $60,000 before bouncing back above $70,000. She questions, “Is Bitcoin set to repeat its price movement from May, when it fell below the lower boundary of the parallel channel and quickly recovered?”

As of the time of writing, Bitcoin is priced at $66,222.

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