Whale panics amid Bitcoin dip, sells 2,019 BTC

The recent decline in Bitcoin’s price, which has fallen below the $70,000 mark, has provoked a wave of panic among certain investors, particularly one notable whale who has chosen to sell off a significant portion of their holdings, amounting to 2,019 BTC, amidst rising concerns regarding the possibility of further downward movements in the market. According to insights provided by Lookonchain, a specialized on-chain analytics account operating on the X platform, this particular large holder, who had previously engaged in selling activities in October, appeared increasingly unsettled as Bitcoin’s value continued to decline from its recent peak that had exceeded $73,000.

The data suggests that this particular whale, likely apprehensive about potential additional selling pressure that could impact the market, decided to liquidate a substantial amount of their Bitcoin holdings, which was valued at a staggering $141.5 million during this latest sell-off. However, it’s important to note that this sale was not an isolated event; on-chain data reveals that since the beginning of October, this large holder has offloaded a total of 5,506 BTC, which amounts to more than $366 million. This includes another significant panic sale of 800 BTC that occurred on October 10, generating approximately $48.5 million in the midst of yet another decline in Bitcoin’s price.

Leading up to these sales, Bitcoin experienced notable fluctuations in its price. For instance, it fell from highs of $66,000 down to lows of around $60,000 between September 29 and October 2, and then again saw a decline from above $64,000 down to nearly $58,800 during the period from October 7 to October 10.

Prior to these recent sales, this whale had managed to accumulate a total of 11,659 BTC, which had a total value of $727 million as of June 19, 2024. However, by October, this individual had sold off 10,345 BTC for a total of $619 million, resulting in an incurred loss of approximately $26 million. With the latest sale now completed, their remaining holdings have decreased to a total of 4,980 BTC, which was valued at over $345 million at that particular moment in time.

At the time of writing, Bitcoin’s price was reported to be down by 1.86% over the past 24 hours, trading at around $69,186. The broader cryptocurrency market also experienced a downturn, with notable declines seen in assets such as Ethereum, BNB, and Solana, as a result of profit-taking activities that led to sellers wiping out the recent gains that had been made.

During the course of the day, Bitcoin’s price fluctuated within a range, reaching a low of $68,840 and a high of $71,500. Furthermore, data sourced from Coinglass indicated that the cryptocurrency market had recorded over $271 million in liquidations, with a significant majority of these liquidations affecting long positions, totaling over $188 million, while short positions accounted for approximately $88.6 million. Additionally, bullish bets on Bitcoin witnessed liquidations totaling $92 million within a 24-hour period, which included $58 million from long positions and $34 million from short positions.