Bitcoin’s price drop below $70,000 led to a whale selling 2,019 BTC in a panic, worried about further declines. This large holder had already sold a total of 5,506 BTC worth over $366 million since October 1, with multiple panic sales during price declines in early October.
The whale had initially accumulated 11,659 BTC worth $727 million by June 19, 2024, but by October, they had sold off a significant portion, resulting in a loss of $26 million. After the recent sale of 2,019 BTC, their total holdings were reduced to 4,980 BTC, valued at over $345 million at the time.
At the time of writing, Bitcoin’s price was down 1.86% over 24 hours, trading around $69,186. Ethereum (ETH), BNB (BNB), and Solana (SOL) also experienced declines, with profit-taking leading sellers to erase recent gains.
In terms of BTC’s intraday range, it saw a low of $68,840 and a high of $71,500. The broader crypto market recorded over $271 million in liquidations, with most positions liquidated being longs at over $188 million, compared to shorts at around $88.6 million.
Bullish bets on BTC resulted in 24-hour liquidations of $92 million, comprising $58 million in longs and $34 million in shorts. The market volatility and uncertainty surrounding Bitcoin’s price movements have led to increased selling pressure from whales and traders alike, contributing to the recent dip in prices.
