Long-term bitcoin holders and miners have been significant sellers of the cryptocurrency in the past two weeks with little indication of renewed buying interest.
Some opine miners are shifting their focus to the booming AI sector due to the diminishing mining rewards post-halving, which may have increased selling activity. Wallets tracked by CryptoQuant show whales – a colloquial term for large holders of any token – sold over $1.2 billion worth of BTC in the past two weeks, likely using brokers instead of on the open market.
These traders have decreased their holdings since BTC prices traded over $70,000 in late May, declining UTXO age bands tracked by CryptoQuant show.
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