Bitcoin Some metrics that show that investors have reduced their confidence in the asset attract attention. This was effective enough to cause BTC to hit an intraday low of $63,320. BTC, which peaked at $73,798 in March, has fallen nearly 14% since then, trading at $63,806, 4.15% lower at press time.
As we reported as Koinfinans.com, buyers’ interest in Bitcoin seems to have decreased as risk aversion increased due to the expected delays in the Federal Reserve’s interest rate cut.
In the latest incident, blockchain analysis platform lookonchaindata obtained from according to, saw approximately $26.3 million worth of BTC change hands during a significant price drop. This massive sell-off is likely due to whale activity; This leads to speculation among market observers about the reasons and intentions behind the move.
A trader deposited 395 $BTC($26.3M) to #Binance for sale before #Bitcoin prices dropped 4 hours ago.
NEWS CONTINUES BELOWThis trader bought 536 $BTC($35.15M) at $63,729 from Apr 5 to Apr 18, then sold it at $66,530 in the last 2 days, making ~$1.5M.
Address:
18oPtAFWSsEQ7v9HmwVpg485MMG1yEWkEL pic.twitter.com/UUq6V68LRINEWS CONTINUES BELOW— Lookonchain (@lookonchain) April 24, 2024
According to Lookonchain, a trader, Bitcoin price A few hours before the crash, he deposited 395 BTC worth $26.3 million for sale on Binance. This trader bought 536 BTC worth $35.15 million from April 5 to April 18 at $63,729, then sold it at $66,530 in the last two days, earning $1.5 million.
This move caught the attention of many in the crypto community; Could investors known as “whales” who hold large amounts of cryptocurrency have insight into the market that others do not? Some speculation suggests that the timing of the sales is a prescient move and that traders or large owners may have insights into market conditions. These individuals may have anticipated the price decline and acted accordingly to protect their assets.
Trader’s selling may also be a reaction to technical indicators and market signals; This suggests that major players may have responded to bearish patterns or signals indicating a potential decline in Bitcoin price. In this case, whales may sell their holdings in order to reduce their losses or take advantage of short-term trading opportunities.
However, the reasons behind the sales still remain unclear.
