Bitcoin ($BTC) Holders are reducing their exposure even as the asset recovers from a five-month streak of losses.
Lookonchain reported that Riot Platforms, one of the largest US-based Bitcoin miners, sold 500 $BTC Worth approximately $34 million. In a separate post, on-chain trackers reported that Bitcoin treasury company Empery Digital transferred the remaining 1,795 Bitcoins $BTC To Gemini.
However, such a transfer does not necessarily indicate an imminent sale, as it may reflect preparations for internal cash management, changes in custody, or other strategic activities.
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The move comes as demand for Bitcoin remains under pressure. In a recent report, CryptoQuant announced that large investors (1,000 to 10,000) $BTC) turned from a buyer to a seller.
“One-year changes in whale stocks varied significantly from ~+200,000.” $BTC The peak of the bull market in 2024 will be around -188,000. $BTC Today, this represents one of the most active major shareholder distribution cycles on record,” CryptoQuant said.
At the same time, demand from US investors remains weak. The report added that Coinbase premium remains negative.
Overall, apparent demand for Bitcoin was down by about 63,000 coins at the end of March. According to the report, this suggests that:
“Market-wide selling pressure continues to outweigh institutional accumulation.”
The report said sales activity by retailers and other market participants “more than offset increased purchases by institutional investors.”
In particular, BeInCrypto recently highlighted that even institutional demand is collapsing and is now primarily driven by strategy. The company, formerly known as MicroStrategy, bought 44,377 shares. $BTC It accounted for 94% of all listed company acquisitions in March.
