Richard Parks The recent drop in Bitcoin’s price below $70,000 has triggered panic among some high-value investors, with one whale offloading 2,019 BTC due to concerns over potential further declines. According to on-chain data shared by Lookonchain, this large BTC holder sold $141.5 million worth of Bitcoin as its price extended a decline from a recent high of over $73,000.
This sale adds to a series of large transactions from the same whale, who has been actively selling since October. The account has offloaded a total of 5,506 BTC, worth over $366 million, since October 1, 2024. Key sell-offs included a 800-BTC dump on October 10, worth $48.5 million when Bitcoin’s price saw a similar dip. Notably, in prior weeks, Bitcoin’s price saw two significant drops: from $66,000 to $60,000 between September 29 and October 2, and from $64,000 to $58,800 from October 7 to 10.
Initially, this whale had accumulated 11,659 BTC worth around $727 million since June. By October, however, they had sold 10,345 BTC, realizing $619 million but incurring a $26 million loss. With the recent sale, their Bitcoin holdings are now at 4,980 BTC, valued at roughly $345 million.
At the time of writing, Bitcoin was down 1.86% in the last 24 hours, trading around $69,186. The broader crypto market also saw a decline, with Ethereum, BNB, and Solana experiencing losses as traders took profits.
The market’s bearish trend led to significant liquidations. Data from Coinglass shows that $271 million in crypto positions were liquidated, with $188 million being long positions, including $92 million specifically for Bitcoin.
This dip illustrates ongoing market volatility as some investors prepare for further downside pressure.