The cryptocurrency market is under pressure due to recent activity from major Bitcoin holders starting to sell significant amounts of cryptocurrency.
Sales by Major Holders
Recently, a sale of $9.6 billion worth of Bitcoin by a 'Satoshi-era whale' has caused concern among investors about a potential market correction. This whale, who had been dormant for 14 years, decided to sell his assets, which could have a significant impact on market dynamics.
New Legislative Initiatives in the US
Despite the worries surrounding potential corrections, the US Senate recently passed three key pieces of legislation related to cryptocurrencies, including the Guiding Act on US Stablecoins (GENIUS Act). These initiatives aim to establish a clear regulatory framework for digital assets. Experts believe this may lead to an increase in institutional investment in stablecoins.
Market Prospects for Cryptocurrencies
Despite the negative signals, some analysts state that long-term Bitcoin holders are not inclined to follow regulations. Investors continue to show interest in the market, as evidenced by positive net inflows in Bitcoin spot exchange-traded funds. Meanwhile, fear and greed indicators suggest a level of greed among investors.
Thus, the situation in the cryptocurrency market remains tense. The sales by major holders and new legislative initiatives provide mixed signals for investors who are carefully monitoring developments.
