A major Bitcoin whale has offloaded $35.5 million worth of BTC over the past week. This dump has sparked concerns about a possible BTC price decline to the $60,000 level. Currently, the Bitcoin price is nearing the $67,000 mark.
Inside Bitcoin Whaleās Offloading
This Bitcoin whale, known as wallet 3A9qN, accumulated 12,400 BTC worth around $500 million between 2020 and 2024 at an average price of $39,100. However, now he appears to be selling off its holdings to a market maker or trading firm, based on previous transaction patterns, according to data from Arkham Intelligence.
The wallet had reached a peak value of $886.46 million on May 21, 2024, during Bitcoinās bull run. Since then, the Bitcoin whale has liquidated a total of $253.89 million worth of BTC at an average price of $63,970.
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A large Whale holding BTC since 2020 moved $35.5M in the past week to a likely market maker/trading firm, based on prior patterns.
Bitcoin Whale 3A9qN accumulated 12.4K BTC over 4 years 2020-2024 ā at an average price of $39.1K. pic.twitter.com/uCSyNFAsTb
ā Arkham (@ArkhamIntel) October 15, 2024
Moreover, the latest sale has intensified speculation that this move could trigger a correction in Bitcoin price. Market analysts are divided on the implications of this whaleās selling activity.
Some argue that such large sell-offs could apply downward pressure on BTC price, potentially pushing it down to $60,000. However, others believe that the market may have sufficient liquidity to absorb these sales without causing significant price movement.
BTC Price to Dip?
This whaleās strategic selling comes at a time when Bitcoin has experienced substantial price fluctuations. At press time, Bitcoin was valued at $66,905.08, gaining 1.73% on Tuesday. However, the question remains: will this whaleās continued sell-off force the market to correct toward $60,000, or can BTC sustain its momentum?
Investors are keeping a close eye on future movements from this whale, as their selling patterns could provide insight into market sentiment. As more whales move assets, the volatility in the Bitcoin market could increase, making the near-term price direction uncertain.
According to Coinglass data, BTC short liquidations have reached a whopping $58.97 million. It suggests that short traders are buying back their positions in order to mitigate losses. This buying pressure could push the BTC price higher in the short-term.
Meanwhile, the long liquidations for Bitcoin surged to $18.93 million in the past 24 hours as investors initiated profit-taking efforts. Nonetheless, the short liquidations still overpowered the longs.
Also Read:Ā Bitcoin (BTC) Surges to $66K as Uptober Ignites All-Time High Hopes
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