As a seasoned analyst with over two decades of experience in financial markets, I find myself constantly intrigued by the unpredictable nature of the crypto world. The recent selling spree from a Bitcoin whale, who seems to be as fickle-minded as a jittery colt, is yet another testament to this fact.
A Bitcoin whale has “panic-sold” nearly $50 million worth of the flagship cryptocurrency amid the recent price drop, after accumulating $727 million in BTC earlier this year at $62,362 per coin, leading to a realized loss.
Based on data from cryptocurrency analysis service Lookonchain, it appears that large-scale investors (often referred to as “whales”) have sold 800 Bitcoin, equivalent to approximately $48.5 million. This sale occurred during the recent dip in Bitcoin’s price, which fell from around $64,000 earlier this month to a low of $60,000. Since then, Bitcoin has been on an upward trend as it recovers from that low point.
As I write this analysis, Bitcoin is currently trading at approximately $62,000, marking a rise of over 2.5% in the past 24 hours. This upward movement has increased its market capitalization to an impressive $1.23 trillion.
This whale panic-sold 800 $BTC($48.5M) again after the $BTC price dropped!Since June 19, this whale has accumulated 11,659 $BTC($727M) at $62,362, and sold 10,345 $BTC($619M) at $59,847, losing ~$26M, and still holds 8,936 $BTC($540M).Address:… — Lookonchain (@lookonchain) October 10, 2024
Based on Lookonchain’s analysis, a significant cryptocurrency investor (referred to as a ‘whale’) sold approximately 10,345 Bitcoin this year after the price dropped below the $60,000 threshold. The average selling price was around $59,847 per coin, resulting in a total loss of roughly $26 million.
The whale still holds 8,936 BTC worth around $540 million, which means there’s potential for the whale to keep on selling their funds and add additional selling pressure on the market, which has been seeing frequent sell-offs.
According to a report from CryptoGlobe, over $1.8 billion worth of Bitcoin, or approximately 30,000 units, have been either sold off or distributed among different holders within a span of 3 days this week.
The drop in prices occurs when it appears that short-term Bitcoin owners are progressively leaving the market, thereby lessening the urgency to sell.
According to IT Tech’s analysis at CryptoQuant, there’s been a significant decrease in the amount of Bitcoin owned by short-term investors following significant sell-offs. This reduction in supply could lead to less urgency to sell, creating potential chances for buying and perhaps indicating a possible price bottom.
The analyst pointed out that when short-term holders decide to sell their assets, they might be transferred to more robust investors, which could help maintain a steady market condition.
It’s been noted that large-scale Bitcoin investors, often referred to as ‘whales,’ are aggressively increasing their BTC holdings, which is part of a remarkable accumulation trend that the market hasn’t experienced before. These new whale entrants from the recent bull run continue to seek opportunities for profit.
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2024-10-12 03:39