According to a report from CryptoQuant, a firm specializing in on-chain analysis, long-term Bitcoin holders and miners have been selling the asset in significant amounts in the past two weeks.
Despite this, there are no clear signs of an increase in demand for the cryptocurrency.
Whale wallets, which refer to the wallets of large holders of any token, have sold over $1.2 billion worth of BTC in the past two weeks, most likely using brokers instead of trading on the open market.
Analysts noted that traders are not adding to their Bitcoin holdings, and there is still a lack of strength in the demand from large holders.
The growth of stablecoin liquidity, which is used as a measure of market activity, has also slowed down to the lowest rate since November 2023. This decrease in demand is evident in the declining UTXO age bands, which track the buying and selling patterns of Bitcoin in previous, current, and upcoming market cycles.
As BTC prices reached over $70,000 in late May, these traders have been decreasing their holdings. UTXO age typically indicates an increase in Bitcoin activity and selling, while a rise suggests more holding in the market.
