In a dramatic development, a crypto whale reportedly panic-sold 800 $BTC at a value of $48.5M, after a recent plunge in Bitcoin’s price. As per the data from Lookonchain, a prominent on-chain analytics provider, the respective whale’s movement has been going through scrutiny since the 19th of June when it started accumulating Bitcoin in huge numbers. The analytics provider offered the details of this development on its official X account.
This whale panic-sold 800 $BTC($48.5M) again after the $BTC price dropped!Since June 19, this whale has accumulated 11,659 $BTC($727M) at $62,362, and sold 10,345 $BTC($619M) at $59,847, losing ~$26M, and still holds 8,936 $BTC($540M).Address:… pic.twitter.com/5pUzgvSGCr
— Lookonchain (@lookonchain) October 10, 2024
Bitcoin Whale Offloads $BTC Due to Market Dip
Lookonchain mentioned that the respective whale’s offloading of 800 Bitcoin driven by a market dip serves as a chief instance of the crypto volatility and the resultant emotional reactions. Since the beginning of $BTC accumulation by this whale, it has reportedly gathered 11,659 tokens in total. This figure reportedly accounts for $727M with $62,362 as the average price per $BTC.
Nonetheless, the investor later offloaded 10,345 $BTC, equaling $619M, at an average token price of nearly $59,847. This led to a staggering loss of almost $26M during the last few months. However, irrespective of these substantial sales, the above-mentioned whale currently holds up to 8,936 $BTC. This amount is approximately valued at $540M in line with the present market prices.
Such Whale Activities Can Lead to Significant Selling Pressure
Selling during a dip normally signifies fear-driven decisions instead of long-term strategies. Hence, it can create a ripple effect influencing the market to further amplify the price fluctuations. With the infamous price swings of Bitcoin, such whales can significantly affect the overall market sentiment. Thus, this can result in selling or buying pressure.
