The market intelligence platform IntoTheBlock has identified that the largest Bitcoin holders, known as "mega whales," have been selling their holdings during the recent price decline. These mega whales, who own over 10,000 BTC each, began their selloff before the price crash, indicating a potential anticipation of the downturn. Meanwhile, the rest of the market, including smaller investors, have been accumulating Bitcoin during this time. Over the past week, mega whales have sold 25,740 BTC, worth around $2.3 billion. The behavior of these mega whales will be important to monitor in the coming days as their actions could affect the balance of the Bitcoin market. Additionally, the analysis suggests that American whales trading on Coinbase have been the main drivers of the recent crash, as indicated by the negative Coinbase Premium Index. Bitcoin has experienced a rebound in price from yesterday's dip, now trading around $88,700.



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