After amassing $727 million in BTC at $62,362 per coin earlier this year, the Bitcoin whale made the move by “panic selling” around $50 million worth of the flagship cryptocurrency amid the recent price drop. led to losses.
According to data from on-chain crypto analysis service Lookonchain, the crypto whale panic sold 800 BTC worth $48.5 million, with Bitcoin prices recently falling from over $64,000 to a low of $60,000 earlier this month. I've recently started to recover from that.
Bitcoin has risen more than 2.5% in the past 24 hours and is trading at $62,000 at the time of writing, giving it a current market capitalization of $1.23 trillion.
According to Lookonchain, the crypto whale sold 10,345 BTC out of the 11,659 BTC it had accumulated after falling below $60,000 earlier this year, selling for an average of $59,847 per coin, realizing a loss of about $26 million. That's what it means.
The whale still holds 8,936 BTC worth about $540 million, meaning it could continue to sell funds and add further selling pressure to a frequently falling market. .
As reported by CryptoGlobe, large Bitcoin holders “sold or redistributed” approximately 30,000 BTC, equivalent to more than $1.8 billion worth of the flagship cryptocurrency, in just 72 hours earlier this week.
The decline comes as recent analysis suggests that short-term BTC holders are “gradually exiting” the market, leading to reduced selling pressure.
An analysis conducted by CryptoQuant analyst IT Tech found that the supply of Bitcoin held by short-term holders is decreasing “especially after large declines,” which reduces selling pressure and “creates an opportunity for accumulation.” , which could indicate a downward trend in prices. ”
The analyst noted that when short-term holders sell their coins, they often end up in “stronger hands, potentially stabilizing the market.”
As reported, Bitcoin is seeing a new wave of market volatility amid an “unprecedented” accumulation trend as whales that entered the market during the recent bull market continue to seek profits. Whales are seen “furiously” adding BTC to their holdings.
Featured image via Unsplash.
