© Reuters
GLOBAL – The experienced a major selloff today, with large-scale holders, often referred to as “whales,” offloading approximately 50,000 BTC worth approximately $2.2 billion. The move is seen as profit-taking after a recent rally that significantly increased the value of bitcoin.
Despite this sell-off, the underlying metrics of the Bitcoin network suggest resilience and expansion. The number of daily active addresses increased, indicating a robust and growing user base that could help mitigate the negative impact of the whale’s actions on the price of bitcoin.
Cryptocurrency market sentiment remains largely positive, driven by expectations of regulatory progress. Investors are particularly encouraged by the expected approvals of exchange-traded funds (ETFs) for bitcoin. These financial instruments are expected to make it easier for institutional investors and individuals to access bitcoin, which could stabilize and promote long-term investments in the cryptocurrency sector.
The bullish outlook for spot Bitcoin ETFs has been a key factor in maintaining investor confidence despite today’s sell-off.
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