Bitcoin Price Plummets Amid Shift in Institutional Investor Sentiment

Bitcoin's price has taken a sharp dive in recent days, with the cryptocurrency losing 7% of its value from its recent all-time high. According to data from Glassnode, this decline was triggered by a significant shift among institutional investors and whales, who have stopped accumulating Bitcoin and are now distributing their holdings.

The annual whale accumulation rate has plummeted to an all-time low of negative 151%, indicating that whales have been selling more than they were buying. This trend is expected to continue, with additional selling pressure building as a result.

Long-term holders have also suffered steep losses, with their single-day loss reaching $513.6 million. Short-term traders, on the other hand, registered losses of $101.8 million.