|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin Whale Investors Face Significant Losses after Initiating a Sell-Off of Their Substantial BTC Holdings
Oct 11, 2024 at 12:13 am
Bitcoin whale investors face significant losses after initiating a sell-off of their substantial BTC holdings in the past 24 hours.
Bitcoin (BTC) price movements have shown signs of slowing down on Monday after dropping below the crucial $60,000 support level.
The world’s largest cryptocurrency began the day trading at $60,433 before falling to lows of $59,664, a 1.2% decrease. BTC later recovered slightly to trade at $59,833 at the time of writing.
The sell-off among large Bitcoin holders comes as the coin struggles to maintain higher support levels following a strong rally in the first half of 2024.
As reported by鏈新聞, four “fresh” whale entities, defined by SpotOnChain as those that withdrew a minimum of 500 BTC from centralized exchanges like Bitfinef in June and August, have now re-depositedの一部 of their BTC holdings back onto the CEX.
These entities had previously withdrawn 8,510 BTC from centralized exchanges during the market consolidation periods in June and August. However, over the past 30 hours, they have been observed depositing 1,500 BTC back onto the exchange.
At current prices, this amounts to roughly $92.95 million in BTC being moved from cold storage to a centralized exchange, signaling a potential sell-off.
According to the report, the average accumulating price for these whales was around $64,434, while their average sell-off price stood at $61,965.
This indicates that these large holders are likely to incur losses on their BTC sales, considering the lower sell-off prices compared to their accumulation costs.
The sell-off among large Bitcoin holders also coincides with a broader sell-off in the altcoin market, which saw $161 million in leveraged liquidations over the past 24 hours.
According to data from Coinglass, majority of the liquidations occurred among traders holding long positions in altcoins.
Furthermore, the total cryptocurrency market capitalization fell to $2.22 trillion as more traders liquidated their holdings to minimize potential losses.
As BTC struggles to maintain higher support levels, whale sell-offs are likely to continue putting pressure on the coin’s price movements.
Meanwhile, the supply of BTC on exchanges increased by 3,284 coins over the past 24 hours, indicating increased sell-off activity among large holders.
On the other hand, the ARK 21Shares Bitcoin ETF saw a significant outflow of over $44 million, suggesting a decline in institutional interest.
In contrast, BlackRock’s IBIT fund registered a modest inflow of $13.8 million, signaling that some institutional investors remain optimistic about Bitcoin’s long-term prospects.
Technically, BTC remains within a descending channel that began forming in March 2024.
After failing to break above the critical $66,000 resistance level, the coin now faces lower support levels.
Some analysts, like veteran trader Peter Brandt, predict a further drop to $48,000 before the next bull cycle begins.
Despite the bearish sentiment, macroeconomic events, such as the upcoming U.S. elections and the Federal Reserve’s rate decision, could still catalyze a bullish reversal.
Hence, whale sell-offs and market volatility are expected to continue influencing crypto prices until Bitcoin manages to break through the $66,000 resistance level.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- NFT Trading Volumes Have Remained Relatively Flat Since July. Will There Be a Resurgence? Or Is the Market Settling into a New Normal?
- Oct 11, 2024 at 04:25 am
- As per data from IntoTheBlock, looking at the trading volume of NFTs, we can notice some stagnation since July. The level of activity in trading is
-
- Qubetics Presale Raises $1.2M, Stands Out with Gasless Transactions Amidst EOS and Quant's Market Momentum
- Oct 11, 2024 at 04:25 am
- Imagine participating in a crypto presale that has raised $1.2 million across three stages. Qubetics ($TICS) stands out by offering gasless fees in today's competitive market.