Breaking Down Bitcoin's Selling Pressure

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 100 million users worldwide. Let's take a look at the chart of the day. In Ko's most recent report, the data analytics firm took a look at the impact of large crypto holdings liquidations which continue to put pressure on prices. This chart shows where some Bitcoin selling pressure might come from the ongoing redistribution of funds to mount gox creditors has been a source of fear in the market. The bankrupt Crypt Exchange has 46.1 7000 Bitcoin left to redistribute to creditors which represents more than $2 billion. Ko says that this doesn't necessarily mean the funds will be sold as holders could decide to hold on to their assets. But if we look at how the first batch of redistribution went, it was followed by heavy selling. There are other large holders outlined on the chart. They include the US government which has over 200,000 Bitcoin as well as other governments like China which holds 100 and 90,000 Bitcoin and the UK which holds over 60,000 Bitcoin. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.