Whale sell-offs and token unlocks are putting pressure on Bitcoin, according to a recent report from 10x Research. The large sales of Bitcoin by whales and the release of tokens into the market are causing the price of Bitcoin to fluctuate.
Whales, or large Bitcoin holders, have been selling off their holdings, which has led to a decrease in the price of Bitcoin. This selling pressure from whales is making it difficult for Bitcoin to maintain its value.
In addition to whale sell-offs, the unlocking of tokens is also contributing to the downward pressure on Bitcoin. As more tokens are released into the market, the supply of Bitcoin increases, which can lead to a decrease in its price.
Overall, these factors are weighing on Bitcoin and causing its price to fluctuate. Investors should be aware of these dynamics in the market in order to make informed decisions about their Bitcoin investments.