Whales Continue to Drive Major Selling Pressure on Bitcoin, Market Instability Persists

On-chain analysis firm CryptoQuant released its weekly market report on the 20th, analyzing that the market structure of Bitcoin (BTC) is prone to further price fluctuations during bearish phases.

The analysis points to whales (large holders) being a major source of selling pressure on Bitcoin, widespread selling of altcoins, and outflows of stablecoins from exchanges.

While Bitcoin inflows to exchanges remain high, CryptoQuant notes that they have normalized, and the immediate selling pressure has decreased.

However, Bitcoin...