Old Bitcoin whales sold $271M in BTC: Is crypto rally at stake?

Bitcoin whales sold $271 million in BTC on Sunday, but the steady absorption of supply by traders should help bulls maintain their hold on the market momentum.

Data shows Bitcoin (BTC) investors who had held their positions for over seven years took profit by selling $271 million in BTC.

A similar wave of “OG whale” selling in January coincided with a more fragile market that lacked buyer demand, triggering a sharp dip in the BTC price. Current onchain data reflects a much stronger market where BTC supply absorption and reduced selling may allow Bitcoin to hold its place in the $70,000-$72,000 range.

Data from Capriole Investments shows that the Bitcoin “OG whale spent value” moved roughly $271 million on Sunday. That marks the largest surge in activity for this cohort since Jan. 10, when a $280 million outflow spike preceded a 13% correction to $78,700 from $90,000 within two weeks.

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