Bitcoin (BTC) finds itself in a consolidation period as it tries to consolidate above $61,000. The biggest cryptocurrency is still below the record level of $73,780 it reached in March this year, and investors are keenly awaiting another surge.
Some big players in the market are finding this plateau frustrating. A prominent bitcoin whale has started losing as the asset seems to be stagnating, according to Spot On Chain.
Bitcoin Market Faces Pressure
The wallet that belongs to this whale dossed 8,510 BTC out of the Bitfinex exchange between June and August, and it was assigned to four new wallets. But patience is wearing thin, it seems, as the whale has begun selling off parts of its Bitcoin holdings.
Last 30+hs whale transferred 1,500 BTC, ~$92.95M, back to the exchange. However, what’s surprising is that the sale price averaged out to be $61,965, which is well beneath the purchase price of $64,434. The result for this has been a loss of approximately $30.54 million, or -5.57%.
While it has lost a stunning amount, the whale still remains with a significant portion of their Bitcoin (7,010 BTC), which now amounts to a hefty $424.6 million, and market watchers are now theorizing that the whale will sell more coins in subsequent days.
According to sentiment, some consider this a case of panic selling, while others believe the whale is selling to hedge against further price drop already. Not only is this selling pressure causing further Bitcoin price delay, but it also raises broader concerns around its short term growth.
With Bitcoin’s price remaining hundreds of dollars below its all time high, the actions of movers like these whales may now be critical to the cryptocurrency’s future direction.
