Bitcoin (BTC) holders are reducing exposure even as the asset recovers from a five-month losing streak.
Lookonchain reported that Riot Platforms, one of the largest US-based Bitcoin miners, sold 500 BTC worth approximately $34 million. In a separate post, the on-chain tracker flagged that Bitcoin treasury firm Empery Digital transferred its remaining 1,795 BTC to Gemini.
However, such transfers do not necessarily signal an imminent sell-off, as they may also reflect internal fund management, custodial shifts, or preparations for other strategic activities.
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The moves come at a time when Bitcoin demand remains under pressure. In a recent report, CryptoQuant highlighted that large investors (1,000 to 10,000 BTC) have flipped from buyers to sellers.
“The 1-year change in whale holdings has swung from ~+200K BTC at the 2024 bull market peak to approximately -188K BTC today, representing one of the most aggressive large-holder distribution cycles on record,” CryptoQuant noted.
At the same time, demand from American investors continues to weaken. The report added that the Coinbase Premium remains persistently negative.
Overall, the apparent demand for Bitcoin was negative by approximately 63,000 coins at the end of March. According to the report, this suggests that,
“Broader market selling pressure continues to outweigh institutional accumulation.”
Retail and other market participants’ selling activity is “more than offsetting incremental institutional buying,” according to the report.
Notably, BeInCrypto recently highlighted that even institutional demand is collapsing, now driven mainly by Strategy. The firm, formerly known as MicroStrategy, purchased 44,377 BTC in March, representing 94% of all public-company acquisitions that month.
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