đĽđĽInteresting Factđ´đ´
đ¤DID ONE WHALE CAUSE BITCOINâS 15% CRASHâď¸
- While most are attributing #Bitcoin  âs price slump to #ETF approval proving a âsell-the-newsâ event, on-chain analyst @jvs_btc thinks thereâs another reasonâŚ
- He believes that mass sell-pressure from a single whale wallet, that foolishly bought $BTC at nearly $50,000 could have been behind the price tankâŚ
âThis is why (in my opinion) on Jan. 12, Bitcoin had its largest 1-day drawdown since the FTX collapse and tanked after the ETF started tradingâ, wrote Van Straten
âď¸The StoryâŚ
- The whale in question amassed a staggering stack of more than 100,000 #BTC back in 2021.
- Unfortunately for the whale, they made their purchase at a time when $BTC was worth a full $48,000.
- this mean their stacks amounted to some $4.8 billion at the time.
- As we know, Bitcoinâs price then collapsed to below $17,000 in December 2022.
- This led the whale to quietly #HODL their stacks, no doubt livid at the near 70% unrealized loss they were sitting on.
- Therefore, when #BTCÂ reached $49,000 just days ago, the chance to exit was too good to pass up.
- Even with the small difference between entry and exit, the holder still made away with some $100 million in profit.
- Nonetheless, their win was the marketâs loss, and the sell pressureâŚ
âsent the market into a frenzy, combined with liquidations, "sell the news" and record loss-taking"
- Van Straten puts the story into context, explaining that â #gbtc has only sold 27k Bitcoin with similar demandâ.
- This only serves to make his theory all the more feasibleâŚ
