The cryptocurrency market has been experiencing notable shifts. Bitcoin (BTC), the world’s very first cryptocurrency was seen struggling to hold ground. Despite a rather bullish week, the king coin remains quite far away from its all-time high. The asset achieved a peak of $109,114.88 back in January which was about three months ago. Sadly now, BTC is trading below the $100,000 mark as well. Amidst this chaos, throughout April, exchanges have been witnessing consistent sell pressure. While this is certainly a bearish sign, analysts were figuring out the faces behind this sell-off.

Also Read: US Dollar Struggles While Ruble Rises 38%—Is a New Economic Order Coming?

A Look Into Bitcoin’s Sellers

According to an analyst on CryptoQuant, short-term holders of the king coin are the primary sellers. These investor transfer exchanges an average of about 930 BTC per day. Long-term holders only moved around 529 BTC each day. This further shows that long-term conviction is still strong, despite short-term anxiety or profit-taking.

The cryptocurrency industry has a wide variety of traders and investors. While some go all in a few others take it rather slow and move cautiously. Whales are considered to be large investors. Meanwhile, the term “shrimps” has been making the rounds. Wallets that hold less than one Bitcoin are called “shrimps.”

Also Read: Pi Coin Prediction: AI Sets PI Price For April 20, 2025

The analyst revealed that these shrimps were sending close to 480 BTC into exchanges per day. The sharks were right behind as they were offloading 402 BTC every day. Sharks are investors that hold 100 to 1,000 BTC. Surprisingly, whales, the largest investors of the king coin were selling only 70 BTC per day.

The primary sell pressure comes from short-term holdings, retail, and mid-sized groups which include shrimps to sharks. It is not from whales or old hands. This is known as a textbook shakeout. Further elaborating on the same, the analyst said,

“With Bitcoin trading sideways and volatility compressing, this cohort-driven breakdown helps us understand that the current correction is not a mass exodus by smart money — it’s more likely a reaction from nervous short-term and mid-tier holders.“

At the time of writing, Bitcoin was trading at $84,705.26 following a 1.79% increase over the past 24 hours.

Also Read: De-Dollarization: 9 Countries Ditch the US Dollar