Institutional investors seem to be selling off millions in Bitcoin, but CryptoQuant’s CEO believes 30% corrections are common during bull cycles.
Bitcoin (BTC) is down about 10% over the past week, putting this February on track to be one of the worst since 2018. Still, CryptoQuant CEO Ki Young Ju isn’t concerned, saying only a “noob” would sell during this dip.
In an X post on Feb. 27, Ki pointed out that a 30% correction in a Bitcoin bull cycle is “common” as BTC dropped 53% in 2021 “and still recovered to an all-time high.” The CryptoQuant CEO says buying when prices rise and selling when they fall is the “worst investment strategy,” urging investors to stick to a “clear plan.”
“You’re way too early to panic. Seeing people panic here is kinda cute tbh.”
Ki Young Ju
Ki’s comments come as reports surfaced saying that large Bitcoin holders might be cashing out amid the current dip. Blockchain analytics firm Arkham Intelligence revealed that Fidelity, ARK Invest, and Grayscale sold portions of their Bitcoin holdings as the price fell below $90,000.
While the exact scale of those activities remain unclear, Arkham reported in a Feb. 27 post on X that BlackRock, the world’s largest asset manager, also sold $150 million in Bitcoin. Despite the sale, data from BiTBO shows that institutions are still holding on to Bitcoin, with BlackRock’s clients owning over 583,320 BTC worth around $50.2 billion.
As Bitcoin dropped, CoinGlass data shows over $765 million in liquidations in the last 24 hours, on top of the $1.5 billion wiped out on Feb. 25. SoSoValue data also reveals that the market dip matched the largest one-day withdrawal from spot Bitcoin ETFs since they started, with $937.78 million pulled on Feb. 25.
As crypto.news reported earlier, Bitcoin’s price has dropped around 20% from its peak of $109,225 since Donald Trump took office in mid-January. After Trump’s election win and expectations for a more crypto-friendly regulatory environment, there was a wave of optimism, followed by the current sell-offs. However, hopes for quick pro-crypto policies appear to have faded since then.
