Bitcoin whales have sold 115,000 BTC in the past month, marking the largest sell-off since mid-2022.

According to a report by Jinse Finance, as disclosed by Cointelegraph, analysts say that bitcoin whales have sold up to $12.7 billions worth of bitcoin over the past month. If the sell-off continues, it could further suppress its price in the coming weeks. CryptoQuant analyst "caueconomy" pointed out last Friday: "The trend of major bitcoin network participants reducing their holdings is intensifying, reaching the largest token distribution of the year." They added that over the past thirty days, whale reserves have decreased by more than 100,000 bitcoins, which "indicates a strong risk-averse sentiment among large investors." This selling pressure "is punishing the price structure in the short term," ultimately pushing the price below $108,000. According to CryptoQuant data, as of last Saturday, this was the largest whale sell-off since July 2022, with a 30-day change of 114,920 bitcoins, valued at approximately $12.7 billions at current market prices.