an anonymous bitcoin-mega-whales-are-now-selling-is-the-top-in/” target=”_blank” rel=”nofollow”>bitcoin whale It may have recently triggered a massive sell-off panic in the cryptocurrency market. According to an X (formerly Twitter) post by Ali Martínez, the whale sold a whopping 59,000 btc for a total of over $2.45 billion.
bitcoin whale drops 59,000 btc
In his publication Announced that a bitcoin whale has started a large-scale dump, bitcoin-inflows-binance-spike-whales-2024-selloff/” target=”_blank” rel=”nofollow”>selling approximately 59,000 btc. He shared a chart showing bitcoin spending production age bands that revealed that the bitcoin whale had initially acquired 59,346,950 btc during the last six months of 2023.
The staggering number of 59,000 $btc, initially purchased between 3 and 6 months ago at an average price of $26,000, recently sold, making an impressive 57.69% gain. This equates to a total profit of around $885 million! pic.twitter.com/cxubNOTFdQ
—Ali (@ali_charts) January 19, 2024
According to the crypto analyst's estimate, the whale had purchased this staggering amount of btc at an average price of $26,000. With the current value of btc having nearly doubled since the initial purchase, the whale's 59,000 bitcoin investment has returned an extraordinary 57.69% gain. This percentage places the total profit at approximately 885 million dollars.
This recent bitcoin sell-off It adds to a series of similar whale activities seen lately in the crypto space. Shortly after the launch of bitcoin Spot ETFs, a bitcoin whale sold 2,742 btc worth $127.7 million at the time. This strategic move resulted in a substantial profit of more than $74 million. Furthermore, Whale Alert reports have seen 6,621 btc worth over $276 million being transferred from an unknown whale wallet to Coinbase, an American crypto exchange.
A whale deposited the 2,742 $btc($127.5 million) #Binance to make profits after bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin The spot ETF opened trading.
The whale retreated 2,742 $btc($53 million) #Binance between October 7, 2022 and December 29, 2023, at an average price of $19,337.
The profit exceeded 74 million dollars! pic.twitter.com/1O96Z9ihie
— Lookonchain (@lookonchain) January 12, 2024
Typically in the crypto space, small amounts of bitcoin transactions have no effect on the market, but a transaction involving hundreds of millions or billions of dollars bitcoin It can potentially create massive selling pressure and negatively influence the price of the cryptocurrency.
BTCUSD trading at $41,544 on the daily chart: TradingView.com
6,621 btc?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#btc (276,835,439 USD) transferred from an unknown wallet to #Coinbasehttps://t.co/foR4QhUxQH
– Whale Alert (@whale_alert) January 19, 2024
Regarding this, the popular market intelligence platform, Santiment revealed in X that the cryptocurrency market has constantly experienced declines that could cause panic among traders.
crypto?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#crypto It continues to see worrying declines and the entirety of the market caps we track now fell -7.5% in the last week. He #BitcoinETF Approvals are increasingly looking like a classic “buy the rumor, sell the news” event, but it's still early. If traders start to panic, their pic.twitter.com/G6v1OCVVzz
– Sentiment (@santimentfeed) January 18, 2024
The crypto data intelligence platform shared a chart illustrating the downside possibilities that could trigger fear, uncertainty, and doubt (FUD) among cryptocurrency traders and investors. Santiment predicts that if bearish sentiments cause traders to panic, it may lead to major sell-offs and potentially instigate a significant rebound in the market.
btc falls below $42,000
Although 2024 has been announced as the year of the cryptocurrency bull run, the price of bitcoin has been experiencing unexpected falls recently.
Initially, btc surpassed $49,000, its highest level in 2023. However, currently the price of the cryptocurrency is trading below the price of $42,000 brand. At the time of writing, the price of bitcoin stands at $41,487, reflecting 3.29%. immersion for the last seven days, according to CoinMarketCap.
Despite the bullish sentiments sparked by the bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>approval and the launch of spot ETFs, bitcoin has failed to overcome the bitcoin-50000-this-week-matrixport/” target=”_blank” rel=”nofollow”>A price of $50,000 is expected. by expert crypto analysts. Santiment has suggested that the approval of bitcoin Spot ETFs appears to be a classic case of “buy the rumor, sell the news.”
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