Whales selling on mainstream exchanges caused Bitcoin price to fall to $8,900

The selling of Bitcoin whales caused the Bitcoin reserves of mainstream exchanges to decline and triggered Bitcoin to fall to $8,900, with BitMEX alone liquidating $30 million in longs. According to CryptoQuant, an on-chain data provider, the recent sell-off indicates that the market is beginning to show a bearish trend. In the short term, investors will pay close attention to whether Bitcoin can close above the $9,400 to $9,500 area.

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