Bitcoin Panic Sales: Notable Investors Capitulate Amid Crypto Crash
The recent crypto crash has forced several prominent Bitcoin investors to capitulate, as revealed by research from various on-chain analysis platforms. Among the first to act was the Bitcoin miner MARA, which, according to Lookonchain, sent 1,318 Bitcoin worth nearly $87 million to various exchanges and brokers in the last few hours, indicating a preparation for sale. This move is not surprising given the current low profitability of digital mining.
"The profitability of digital mining is currently at a low point."
Additionally, Donald Trump's World Liberty Financial has also been compelled to sell due to high volatility. OnChain_Lens reported that the crypto company has offloaded Wrapped BTC valued at around $12 million. This comes after news that the National Security Advisor of the United Arab Emirates had invested in the platform.
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In a more drastic move, the Kingdom of Bhutan has reportedly sold Bitcoin worth $22.4 million, as stated by Arkham Intelligence. This sale occurred last Friday, and Bhutan has previously sold tranches valued at approximately $50 million. According to data from BitcoinTreasuries.net, the total holdings have decreased by 70% since May of last year.
| Entity | Amount Sold (USD) |
|---|---|
| MARA | 87 million |
| World Liberty Financial | 12 million |
| Bhutan | 22.4 million |
Furthermore, the ongoing weakness in Bitcoin Spot ETFs has led to significant outflows. Data from SoSoValue indicates that $434 million has flowed out of index funds in the U.S. since yesterday, contributing to nearly $1 billion in outflows over the past two days.
For those considering taking advantage of the sell-off for potential purchases, Coinbase is offering a promotion where new customers who invest €30 will receive €30 in Bitcoin for free.
"The ongoing weakness in Bitcoin Spot ETFs has led to significant outflows."
In summary, the current market conditions have prompted notable entities, including miners and nations, to sell off substantial amounts of Bitcoin, reflecting a broader trend of capitulation in the face of a volatile market.
Key Takeaways:
- MARA sold 1,318 Bitcoin worth nearly $87 million.
- World Liberty Financial offloaded Wrapped BTC valued at $12 million.
- Bhutan sold Bitcoin worth $22.4 million, with total holdings down 70% since May 2022.
- Bitcoin Spot ETFs experienced outflows of nearly $1 billion over two days.
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