Crypto whales have sold over $1.2 billion worth of Bitcoin in the past 2 weeks

A recent report by CryptoQuant revealed that large holders, or so-called “whales,” have been selling off their tokens over the past two weeks.

The crypto whales have sold Bitcoin for over $1.2 billion within the last 2 weeks, possibly using brokers instead of the open markets.

Also, traders too do not increase their holdings , since the price of Bitcoin topped $70,000 in May, and demand from whales remains relatively weak.

Stablecoin liquidity continues to slow, marking the slowest pace since November 2023.

But what caused these sudden selloffs? Bitcoin miners may be looking for other places to profit from, especially given the boom in the AI ​​sector, leading to BTC selloffs. Apparently, these powerful computers used to mine crypto can also perform AI tasks, which means some miners may benefit from this trending development.

"One of the biggest trends since the Bitcoin halving this year is that miners are increasingly turning to the AI ​​business", said Lucy Hu, senior analyst at crypto fund Metalpha in a Telegram message. "The decline in mining rewards has prompted miners to look for other channels to increase revenue."

This shift, combined with investors exiting risky investments amid a strong dollar, has seen Bitcoin prices fall from $71,000 in May to $65,000 at the time of writing. Even spot Bitcoin ETFs continue to register net outflows.

Taking all these factors into account, some are even predicting that Bitcoin could fall to $60,000. The most important question right now is – will Bitcoin be able to regain its bullish trajectory and head for a new all-time high?