Whales sell 70,000 BTC

It has now been just under 14 days since ETF authorization by the SEC. During this time, Whales has sold Bitcoin for a total of nearly $3 billion.

From data from Santiment it appears that Whales in the past two weeks about 70,000 BTC have sold - currently about $2.7 billion.

As X users speculate, the sales could be outflows from the Grayscale Bitcoin Trust (GBTC).. Since trading began, about $3.4 billion has flowed out of the ETF.

Investors who own more than 1,000 BTC are called Whales. These market participants can influence the price and upset small investors.

At the time of writing, the Bitcoin price stands at $38,692, five percent below yesterday's price and about 9.5 percent below last week's price.

According to Bitinfocharts there are now 1,998 whale addresses holding between 1,000 and 100,000 BTC. Their cumulative coin accounts for about 24 percent of the total amount of Bitcoin in circulation.