Bitcoin Whales Dump $1 Billion: CryptoQuant

Bitcoin whales have been selling off BTC in the last two weeks, contributing to a decline in price from $71,000 to $65,000. CryptoQuant tracked over $1.2 billion in whale sales, potentially through brokers to avoid market impact. This coincides with net outflows from US-listed Bitcoin ETFs last week, totaling over $600 million. The UTXO age data, which measures the average time coins are held, suggests increased selling activity. Some analysts believe miners are diverting to the booming AI sector, leaving them with less incentive to hold Bitcoin. These factors, along with a strong US Dollar and risk aversion in the markets, have put downward pressure on BTC. Traders are wary of further drops, with some predicting a fall to $60,000.