In a dramatic market move, large Bitcoin holders, known as whales, and miners have unloaded over $4.1 billion worth of Bitcoin, causing the cryptocurrency's price to drop by nearly 9%.

Cryptocurrency analyst and trader Ali Martinez highlighted this significant selling spree through a series of tweets, providing detailed insights and on-chain data from the analytics firm Santiment. According to Martinez, these substantial sales by whales and miners have significantly impacted Bitcoin's market dynamics.

Over the past ten days, whales have sold more than 50,000 BTC, valued at approximately $3.30 billion. Additionally, Bitcoin miners have offloaded over 1,200 BTC, worth nearly $80 million. Combined, these sales amount to over $4 billion in Bitcoin being sold, contributing to the recent market downturn.

Bitcoin miners often sell portions of their holdings to cover operational costs and realize profits, especially when Bitcoin reaches new local highs. This routine selling activity can exert downward pressure on the market, particularly when coinciding with large-scale sales from other major holders.

In the last week, Bitcoin's price plummeted almost 9%, falling from $71,655 to $65,228 by Friday. As of the latest update, Bitcoin has made a modest recovery, rising by 1.48% to trade at $66,160.

Veteran cryptocurrency trader and entrepreneur Willy Woo noted that long-term Bitcoin holders, often referred to as "original gangsters" or "OGs," are actively selling their holdings during every bull market phase. Woo emphasized that this selling pattern has persisted since the creation of Bitcoin's genesis block. Despite these sales, significant players in the market continue to buy Bitcoin. According to a previous tweet by Martinez, within 48 hours, whales withdrew roughly $1 billion worth of Bitcoin, equivalent to 14,140 BTC, from cryptocurrency exchanges.

This ongoing tug-of-war between large sellers and buyers highlights the volatile and complex nature of the Bitcoin market. The substantial movements by whales and miners are crucial indicators of market sentiment and can significantly influence price trends. As Bitcoin navigates these turbulent waters, market watchers and investors will be closely monitoring these key players' actions to gauge future price movements and potential recovery trajectories.