A significant amount of Bitcoin, worth over four billion US dollars, has been sold off recently by large cryptocurrency whales and miners. According to data from the Santiment on-chain data agency, whales have sold over 50,000 BTC, valued at approximately $3.30 billion, in the last 10 days. Additionally, Bitcoin miners have sold over 1,200 BTC, worth nearly $80 million, bringing the total amount of Bitcoin sold to over $4 billion.

Miners regularly sell BTC to cover operational expenses and cash out profits from the mining business, especially when Bitcoin hits a new local high. However, the recent sell-off has led to a nearly 9% drop in the price of Bitcoin, which fell from $71,655 to $65,228 over the past week. Despite this, BTC has managed a slight recovery, adding 1.48% and trading at $66,160.

Cryptocurrency trader and entrepreneur Willy Woo suggests that old Bitcoin holders, referred to as 'original gangsters' or 'OG', are actively selling BTC. According to Woo, this pattern is as old as the genesis block, and they sell into every bull market. Despite the sell-off, many large players continue to buy BTC, with whales withdrawing roughly $1 billion worth of Bitcoin from crypto exchanges within 48 hours.

The recent sell-off has led to a significant decrease in the price of Bitcoin, but the cryptocurrency market is known for its unpredictability, and prices can fluctuate rapidly. The sell-off has also led to a decrease in the market capitalization of Bitcoin, but the cryptocurrency still remains the leading cryptocurrency by market capitalization.

The cryptocurrency market is constantly changing, and the recent sell-off of Bitcoin is a reminder of the unpredictability of the market. Despite the sell-off, many large players continue to buy BTC, and the price of Bitcoin is expected to fluctuate in the coming days.