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In a downtrend, when markets do not respond negatively to bearish news, it is a sign that the selling may have reached exhaustion. Reports of electric vehicle maker Tesla (NASDAQ:) dumping 75% of its (BTC) holdings in the second quarter only caused a minor blip as lower levels attracted strong buying from the bulls.
Tesla was not the only institution that sold its Bitcoin. Arcane Research analyst Vetle Lunde highlighted in a Twitter (NYSE:) thread that large institutions have sold 236,237 BTC since May 10.
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