Bitcoin Whale sold 140,000 coins in February, triggering a big dump of BTC by 20%.

Recent on-chain data reveals that Bitcoin whales significantly sold off in February, with addresses holding between 1,000 to 10,000 Bitcoins collectively selling 140,000 Bitcoins, worth over $6.5 billion. This action coincides closely with the market's significant fall, suggesting that whales may be one of the main factors triggering the big dump in Bitcoin prices.

Previously, whales had been accumulating Bitcoin in large quantities for several weeks. However, recently they have begun to reduce their positions, which coincides with the market's sharp fluctuations.

Looking back at the recent trend of Bitcoin, it reached a historical high of $58,400 a week ago, but then fell by more than 20% in just a few days and is currently hovering in the range of $45,000 to $46,000.

Analysis from the data platform shows that from March 2020 to early February 2021, the number of addresses holding over 1,000 Bitcoins increased by more than 14%, a period referred to as the "Breeding Season for Bitcoin Whales." During this time, the price of Bitcoin soared from a low of $4,000 to nearly $60,000. However, last week the whales seemed to start taking profits, significantly reducing their holdings.

It is worth noting that Canada has recently launched a Bitcoin ETF product, which currently holds over 10,000 Bitcoins, valued at nearly $500 million. As the first of its kind in North America to receive regulatory approval, it could have a profound impact on the long-term adoption and price trends of Bitcoin.