**Quick Take**
– Recent activity in the cryptocurrency market indicates a resurgence, with notable sell-offs from Bitcoin and Ethereum holders.
– Bitcoin miners have begun to sell their holdings, as have Ethereum whales and other significant investors.
In the past week, the cryptocurrency market has shown encouraging signs of recovery, which seems to have prompted some investors to sell off portions of their Bitcoin (BTC) and Ethereum (ETH) holdings. Notably, Bitcoin miners and Ethereum whales, among other investors, have started to liquidate some of their assets.
Bitcoin miners, integral to the largest proof-of-work blockchain network, typically retain their BTC during market upswings. However, facing market volatility, such as the recent downturn caused by Trump’s Trade War that saw BTC’s price fall below $75,000, miners opted to cash in on profits following a nearly $20,000 increase in Bitcoin’s value since April 9. According to Ali Martinez, they secured about $18.6 million in profits as Bitcoin’s price soared past $93,000.
The situation for Ethereum appears more precarious. Reports highlight that significant long-term ETH investors have been liquidating large portions of their holdings. Recent analysis by Martinez revealed that within a week, 305,000 ETH (worth approximately $540 million) was moved to exchanges, hinting at potential upcoming sales. Moreover, following a recent price reversal, Ethereum whales have offloaded over 63,000 ETH – equivalent to $110 million – within just two days.
Despite a challenging start to the month for Ethereum, where its price dropped to $1,400, wiping out nearly seven years of gains, it managed to climb back over $1,800. This rebound enabled investors to capitalize on the recent price increase.
“#Bitcoin miners and Ethereum whales are seizing the moment to cash in as the market shows signs of recovery. Over $18.57 million in BTC profits locked and 63,000 ETH sold in the last 48 hours. #CryptocurrencyMarket”
