CryptoQuant CEO: Whales have sold over $1.2 billion worth of BTC in the past two weeks

ChainCatcher news, CryptoQuant CEO Ki Young Ju posted on the X platform that in the past two weeks, long-term holders of Bitcoin, the whales, sold $1.2 billion worth of Bitcoin through brokers. At the same time, Bitcoin ETFs experienced a net outflow of $460 million during the same period. If this approximately $1.6 billion in selling liquidity is not absorbed by the over-the-counter (OTC) market, brokers may deposit Bitcoin into exchanges, which could impact market prices.

According to CoinDesk, data shows that this sell-off coincides with the net outflow of Bitcoin ETFs listed in the U.S. during the same period.