Bitcoin’s price dip below $70,000 has seen one whale panic, selling 2,019 BTC amid jitters over further declines.
According to Lookonchain, a smart money on-chain account on X, as Bitcoin (BTC) extended its decline from the recent peak above $73,000, a whale address that had previously sold in October appeared spooked.
Data indicates that the large BTC holder, likely concerned about potential downside pressure, panic-sold $141.5 million worth of the flagship cryptocurrency. This 2,019-BTC dump wasn’t a one-off for the whale.
On-chain data shows that this particular large holder had already offloaded a total of 5,506 BTC worth more than $366 million since Oct. 1. This includes another panic sale of 800 BTC on Oct. 10, which fetched $48.5 million amid a similar Bitcoin price decline.
Read more: Ethereum price could slip by 40%, Peter Brandt argues
Notably, BTC’s price fell from highs of $66,000 to lows of $60,000 between Sept. 29 and Oct. 2, and again slumped from above $64,000 to near $58,800 between Oct. 7 and Oct. 10.
Before these sales, this whale had accumulated 11,659 BTC worth $727 million since June 19, 2024. By October, they had sold 10,345 BTC for $619 million, incurring a loss of $26 million.
With the latest sale, their total holdings dipped to 4,980 BTC, valued at over $345 million at the time.
Bitcoin’s price was down 1.86% over 24 hours at the time of writing, extending losses since Thursday as it traded around $69,186. The broader market also declined, with Ethereum (ETH), BNB (BNB) and Solana (SOL). Profit-taking had sellers wiping out recent gains.
As for BTC’s intraday range, crypto.news price tracker showed a low of $68,840 and high of $71,500.
Data from Coinglass shows the 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 saw 24-hour liquidations of $92 million, comprising $58 million in longs and $34 million in shorts.
You might also like: Here’s why Bitcoin and altcoins could rise after weak NFP data
Read the full article here
