Bitcoin’s Plunge: Whales Dumping Like It’s a Tea Party! 🤑

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Well, I say, old bean, it appears the Bitcoin balloon has sprung a leak, and what a to-do it’s caused! With the price taking a header below $110,000, one might think the sky is falling-or at least the crypto market is having a spot of bother. Initially, fingers were pointed at those pesky bearish macro headwinds, as if the crypto chaps had wandered into a financial tempest. But, lo and behold, on-chain data reveals a simpler tale: good old-fashioned dumping, as the OGs decide to lighten their pockets. 🧢💰

The Great Bitcoin Sell-Off: Whales Unload $1.7 Billion in BTC

A spot of news from Lookonchain, that clever on-chain data aggregation platform, confirms the ruckus was kicked off by some jolly large sell-offs. It seems the big fish-or should I say, whales-have been shifting their considerable stacks of Bitcoin into exchanges, cashing in their chips like it’s a high-stakes game of bridge. 🏦🐳

Take, for instance, the mysterious 1011short, an early Bitcoin whale with a penchant for moving mountains of BTC. This chap shuffled 13,000 BTC-a cool $1.48 billion, mind you-into exchanges like Binance, Kraken, Coinbase, and Hyperliquid. And when did this little escapade begin? Why, as early as October 1! Talk about planning ahead. 📅💼

Not to be outdone, Owen Gunden, another crypto old hand, joined the fray. His wallet saw the transfer of 3,265 BTC, worth a tidy $364.5 million, into Kraken. This little maneuver started on October 21 and has carried on into November, like a financial soap opera with no end in sight. 🧼📉

Naturally, once these whales started dumping their treasure, the Bitcoin price took a nosedive, as if it had tripped over its own shoelaces. But the question remains: how long will this sell-off last? After all, Gunden still sits on a pile of BTC worth over $700 million. One can only imagine the chap’s sitting room is lined with digital gold. 🏠✨

Crash, Bang, Wallop: Sell Pressure Takes the Wheel

With Bitcoin’s price in freefall, it’s clear that much of the average $65 billion daily volume is coming from sellers. If these whales keep offloading their wares, we might see the price plummet toward $100,000 faster than a Jeeves getaway. 🚀💸

But, my dear reader, with sentiment already as gloomy as a rainy Tuesday in London, and the cries of “Bitcoin’s topped out!” growing louder, we may be on the cusp of a turning point. A sharp reversal could see shorts wiped out in a liquidation cascade, leaving bears scrambling for cover. 🐻🌪️

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2025-11-05 16:43