Whale panics amid Bitcoin dip, sells 2,019 BTC

The price of Bitcoin falling below $70,000 caused a whale panic and 2,019 BTC was sold amid tensions over further declines.

As Bitcoin (BTC) continues its decline from its recent peak above $73,000, a whale address previously sold in October appeared spooked, according to Lookonchain, a smart money chain account on X.

Data shows that major BTC holders, likely concerned about potential downward pressure, panicked and sold $141.5 million worth of the flagship cryptocurrency. This 2,019 BTC drop was not a one-off for the whale.

On-chain data shows that this major holder has transferred a total of 5,506 BTC worth more than $366 million since October 1. This included another panic sell of 800 BTC on October 10, which brought in $48.5 million at a similar Bitcoin price. to reject.

Specifically, the price of BTC dropped from $66,000 to $60,000 between September 29 and October 2, and fell again from over $64,000 to $58,800 between October 7 and October 10.

Before these sales, this whale had accumulated 11,659 BTC worth $727 million since June 19, 2024. As of October, he had lost 26 million dollars by selling 10,345 BTC for 619 million dollars.

With the latest sale, their total assets dropped to 4,980 BTC, worth over $345 million at the time.

At the time of writing, Bitcoin’s price has fallen 1.86% in 24 hours and is trading around $69,186, extending its losses since Thursday. The broader market also declined, along with Ethereum (ETH), BNB (BNB), and Solana (SOL). Profit taking caused sellers to erase recent gains.

As for BTC’s intraday range, the crypto.news price tracker showed a low of $68,840 and a high of $71,500.

Data from Coinglass shows that over $271 million in liquidations have been recorded in the crypto market; Most of the liquidated positions were over $188 million, while short positions were approximately $88.6 million.

Bullish bets on BTC saw liquidations of $92 million in 24 hours, including $58 million long and $34 million short.