An anonymous one Bitcoin whale may have caused a massive sell-off panic in the crypto market recently. According to an X (formerly Twitter) post by Ali Martinez, the whale sold a whopping 59,000 BTC for a total of over $2.45 billion.
Bitcoin Whale dumps 59,000 BTC
In his X-post, Martinez announced that a Bitcoin whale has initiated a large-scale dump, to sell approximately 59,000 BTC. He shared a chart showing the Bitcoin Spend Output Age Bands, which showed that the Bitcoin whale initially acquired 59,346,950 BTC during the last six months of 2023.
No fewer than 59,000 $BTC, initially purchased three to six months ago at an average price of $26,000, was recently sold, making an impressive 57.69% gain. This amounts to a total profit of approximately $885 million! pic.twitter.com/cxubNOTFdQ
— Ali (@ali_charts) January 19, 2024
By 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 almost doubled since the initial purchase, the whale’s investment of 59,000 Bitcoins has returned an excellent profit of 57.69%. This percentage brings the total profit to approximately $885 million.
This recent one Bitcoin sell-off adds to a series of similar whaling activities seen in the crypto space lately. Shortly after the launch of Spot Bitcoin ETFs, a Bitcoin whale emerged sold 2,742 BTC worth $127.7 million at the time. This strategic move resulted in a significant profit of over $74 million. Additionally, reports from Whale Alert indicate that there are 6,621 BTC worth over $276 million in circulation transferred from an unknown whale wallet to Coinbase, an American crypto exchange.
One whale dropped off all 2,742 whales $BTC($127.5 million). #Binance to take profit after the #Bitcoin spot ETF opened trading.
The whale withdrew 2,742 $BTC($53 million) from #Binance between October 7, 2022 and December 29, 2023, at an average price of $19,337.
Profits exceeded $74 million! pic.twitter.com/1O96Z9ihie
— Lookonchain (@lookonchain) January 12, 2024
Normally small amounts of Bitcoin transactions in the crypto world have no effect on the market, but a transaction involving hundreds of millions or billions of dollars in Bitcoin could potentially create enormous selling pressure and negatively impact the cryptocurrency’s price.
BTCUSD trading at $41,544 on the daily chart: TradingView.com
???? ???? ???? ???? ???? ???? ???? ???? ???? ???? 6,621 #BTC (276,835,439 USD) transferred from unknown wallet to #Coinbasehttps://t.co/foR4QhUxQH
— Whale Alert (@whale_alert) January 19, 2024
Regarding this popular market information platform Santiment revealed on
???? #Crypto continues to see worrying declines, with the total market caps we now track falling -7.5% over the past week. The #BitcoinETF endorsements are increasingly looking like a classic “buy the rumor, sell the news” event, but it’s still early days. If traders panic, their pic.twitter.com/G6v1OCVVzz
— Santiment (@santimentfeed) January 18, 2024
The crypto data intelligence platform shared a chart illustrating the dips that can be caused by fear, uncertainty and doubt (FUD) among crypto traders and investors. Santiment predicts that if bearish sentiments cause traders to panic, it could lead to panic big sale and potentially trigger a significant market upturn.
BTC drops below $42,000
Although 2024 has been heralded as the year of the crypto bull run, so has Bitcoin’s price experience unexpected drops recently.
Initially, BTC rose above $49,000, its highest level in 2023. However, currently the price of the cryptocurrency trading below the price of $42,000 marking. At the time of writing, the price of Bitcoin is at $41,487, which represents an increase of 3.29%. dive according to CoinMarketCap in the past seven days.
Despite the bullish sentiments expressed by the approval and the launch of Spot ETFs, Bitcoin has failed to rise above 10% Price of $50,000 predicted by expert crypto analysts. Santiment has suggested that the endorsement of Spot Bitcoin ETFs appears to be a classic case of ‘buy the rumor, sell the news event’.
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