Bitcoin institutional holders are reducing their exposure despite the cryptocurrency's recovery from a five-month losing streak. According to on-chain tracking firm Lookonchain, major players are continuing to sell significant amounts of their holdings.
Riot Platforms, one of the largest US-based Bitcoin mining companies, sold 500 BTC worth approximately $34 million, according to Lookonchain data. Additionally, Bitcoin treasury firm Empery Digital transferred its remaining 1,795 BTC holdings, suggesting a complete exit from their Bitcoin position.