Bitcoin Whales Sell $271M in BTC

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 that investors who had held their positions for over seven years took profit last week, with the Bitcoin “OG whale spent value” moving roughly $271 million on Sunday. This activity historically aligns with measured profit-taking rather than chaotic selling. Glassnode suggests a stronger absorption capacity from other holders, with the 30-day net position change for long-term holders remaining positive at 88,000 BTC on April 9. A formal test of the $70,000-$72,000 range may come within the next two weeks, as traders watch for signs of whether the current wave of selling will trigger a sharp dip in the BTC price, similar to the 13% correction in January. Analysts expect the market to hold its ground, citing the reduced selling and stronger absorption capacity as key factors in sustaining the rally.