Major Crypto Investors Are Selling Bitcoin (BTC) at a Loss!
The continued sales of BTC at a loss by major investors could lead to a collapse in the sector.
The chaotic process in the cryptocurrency sector is still ongoing. The intense selling pressure that Bitcoin (BTC), the leading cryptocurrency, faced today has naturally affected all crypto assets. BTC has fallen by nearly 5% in the last 24 hours.
The selling pressure in Bitcoin appears to be caused by major investors. Spot On-Chain, a successful on-chain data provider, discovered a whale selling BTC at a loss and provided the following information:
“This giant whale transferred a total of 1,000 BTC (worth $55.36 million) to sell to Binance approximately 35 minutes ago.
It should not be forgotten that the whale withdrew 2,322 BTC from Binance between August 29 and September 3, with an average of $58,597 (estimated cost: $136 million).
At the current Bitcoin price, the estimated loss of this position is $6.94 million (-5.1%).”
The crypto whale, who accumulated Bitcoin between August 29 and September 3, could not withstand the decline in BTC after 3 days and decided to sell his assets.
If large investors continue to sell BTC at such a loss in the coming period, the process in the cryptocurrency sector may worsen.
