According to on-chain market activity on the Bitcoin (BTC) network, whales have been selling the coin massively in the last seven days. Whales holding between 10,000 BTC and 100,000 BTC were responsible for the spike in Bitcoin sales, likely taking advantage of the recent price movement. Despite the sell-off by some whales, on-chain data suggests that the number of addresses accumulating Bitcoin is larger than those selling, indicating that retail investors see this as an opportunity to purchase BTC at lower prices. The data implies that market participants are still bullish on Bitcoin, despite the current price volatility. The current price of Bitcoin is $88,365.61, with a 0.73% decline in the last 24 hours. Despite the price drop, analysts believe that Bitcoin remains in a bullish cycle and any further decline would be a price correction rather than a shift to a bearish market.



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