Thomas Daniels
Amid a recent Bitcoin price retreat below $70,000, one significant holder—commonly referred to as a “whale”—panicked, unloading 2,019 BTC worth approximately $141.5 million. This sell-off, fueled by concerns of a further market downturn, follows a series of major sales by the same address. According to on-chain data provided by Lookonchain, this whale had previously offloaded 5,506 BTC since early October, amassing sales valued at over $366 million.
On October 10, the same whale also sold 800 BTC for $48.5 million when Bitcoin’s value dipped sharply. The initial price drop began in late September, with Bitcoin sliding from $66,000 to $60,000 between September 29 and October 2. By mid-October, the trend repeated, with prices falling from above $64,000 to nearly $58,800.
This whale, an early accumulator since June 2024, initially acquired 11,659 BTC, then began liquidating positions as October’s price volatility intensified. With the latest sale, their remaining BTC holdings stand at 4,980, valued at approximately $345 million. In total, they sold 10,345 BTC for $619 million, realizing a loss of about $26 million.
The broader crypto market has also faced heightened selling pressure, with Bitcoin down 1.86% over 24 hours, trading around $69,186. Ethereum, BNB, and Solana joined the downturn as profit-taking intensified across digital assets. According to Coinglass, the market experienced $271 million in liquidations within 24 hours, with long positions comprising the majority at $188 million.
Despite bullish sentiment early in the month, Bitcoin’s rapid intraday movements and significant liquidation levels indicate a turbulent outlook, with investor caution prevailing.
