As a seasoned crypto investor with a knack for reading market trends and a portfolio that has weathered multiple bull and bear cycles, I must admit this latest Bitcoin dip below $70,000 has stirred some intrigue. The whale’s panic sale of 2,019 BTC, worth a cool $141.5 million, is reminiscent of the 2017-2018 market, where fear and greed often led to irrational decisions.
The significant drop in the value of Bitcoin below $70,000 caused a prominent investor (often referred to as a ‘whale’) to become anxious and sell off 2,019 Bitcoins due to concerns about potential additional price decreases.
As reported by Lookonchain, an account identified as ‘smart money’ on platform X noticed apprehension from a large investor (whale) address, who had earlier sold Bitcoin (BTC) in October. This was following the recent drop of BTC from its peak above $73,000.
It appears that data suggests a significant Bitcoin holder, possibly worried about possible price decreases, quickly sold off approximately $141.5 million in Bitcoin. This sale of 2,019 Bitcoins was not an isolated incident for this large investor.
Information from the blockchain indicates that this significant investor has sold a total of approximately 5,506 Bitcoins, valued at over $366 million, since October 1st. This includes another quick sale of 800 Bitcoins on October 10th, which generated $48.5 million during a period of Bitcoin price drop similar to the one observed then.
Significantly, the price of Bitcoin dropped from its peak of $66,000 to a low of $60,000 between September 29 and October 2, and subsequently declined from above $64,000 to nearly $58,800 between October 7 and October 10.
Prior to these sales, this whale had amassed approximately 11,659 Bitcoins valued at around $727 million since June 19, 2024. However, by October, they sold off about 10,345 BTC for roughly $619 million, resulting in a loss of around $26 million.
After the recent sale, their Bitcoin possessions fell to approximately 4,980 coins, which were worth more than 345 million dollars at that point in time.
At the point of this writing, Bitcoin’s price had dropped approximately 1.86% over a 24-hour period, furthering its downward trend that started on Thursday, with it being traded around $69,186. Simultaneously, the broader market experienced a decline as well, affecting Ethereum (ETH), BNB (BNB) and Solana (SOL). The recent gains were erased due to profit-taking, causing sellers to be active.
As for BTC’s intraday range, crypto.news price tracker showed a low of $68,840 and high of $71,500.
According to data from Coinglass, the cryptocurrency market experienced approximately $271 million worth of liquidations during this period. Notably, long positions accounted for the majority of these liquidations, amounting to over $188 million, while short positions accounted for around $88.6 million.
24-hour Bitcoin market closures totaled $92 million, with $58 million coming from long positions and $34 million from short positions. (Long positions are when traders expect the price to rise, while short positions are when they anticipate a fall.)
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2024-11-01 22:28