According to data from Lookonchain, a major Bitcoin holder, or “whale,” offloaded 2,019 BTC worth $141.5 million as Bitcoin’s price dipped below $70,000. The panic sale came as Bitcoin continued its fall off a recent high above $73,000, with worried observers fearing more market turbulence yet to come.
After a massive sale of the whale in October, the whale has been actively selling its BTC holdings, selling over 5,506 BTC worth more than $366 million since October 1. On October 10, that includes an 800 BTC sale which made $48.5 million when Bitcoin prices were falling.
Bitcoin Whale’s Recent Sales Amid Market Volatility and Liquidations
Between September 29 and October 2, Bitcoin’s volatility dropped it from $66,000 to $60,000, and again from $64,000 to $58,800 between October 7 and October 10. The whale had bought up 11,659 BTC for $727 million since June, than sold 10,345 BTC for $619 million, losing $26 million in the process. This is the whale’s latest sale, with Bitcoin now worth $345 million to the whale’s 4,980 BTC holdings.
As of now writing, Bitcoin was trading at $69,186, 1.86% down on Bitcoin over 24 hours. Profit taking activities were also affecting the whole market, leading to declines in other cryptocurrencies such as Ethereum, BNB and Solana. Bitcoin trade hovered in a range of $68,840 and $71,500 intra and interday.
It turned out liquidation in the crypto market happened on a big scale, more than $271m. Heaviest losses were long positions, worth approximately $188.1m, while shorts were around $88.6m. According to the statistics shared by the Coinglass analytics dashboard, longs on Bitcoin alone had $58 million worth of liquidations, whilst shorts racked up $34 million.
