Large holders of Bitcoin (BTC) have sold $1.2 billion U.S. worth of the cryptocurrency over the last two weeks, exerting downward pressure on its price, according to data from CryptoQuant.
Long-term holders of Bitcoin and crypto miners have been among the biggest sellers of the largest digital asset in recent weeks and show no signs of renewed interest, adds CryptoQuant.
Tracked cryptocurrency wallets show more than $1.2 billion U.S. worth of Bitcoin has been offloaded in the past two weeks.
Holdings of Bitcoin have steadily fallen since the crypto last traded above $70,000 U.S. in late May of this year.
Analysts say that Bitcoin miners are selling their holdings and rewards following the halving event this April, which is when the available supply of BTC that can be mined was cut by 50%.
At the same time, U.S. exchange-traded funds (ETFs) that track the price movements of Bitcoin have recorded net outflows of $600 million U.S. over the past week, their worst performance since April of this year.
Bitcoin’s price has fallen from $71,000 U.S. at the end of May to $65,000 U.S. today (June 19). Some analysts are warning that the price could drop as low as $60,000 U.S. before rebounding.
