A Bitcoin whale has “panic-sold” nearly $50 million worth of the flagship cryptocurrency amid the recent price drop, after accumulating $727 million in BTC earlier this year at $62,362 per coin, leading to a realized loss.
According to data from on-chain cryptocurrency analysis service Lookonchain, the cryptocurrency whale panic-sold 800 BTC, worth $48.5 million, with the recent Bitcoin price drop form over $64,000 earlier this month to a $60,000 low, from which it recently started recovering.
Bitcoin is at the time of writing trading at $62,000 after moving up more than 2.5% over the last 24-hour period, to now have a market capitalization of $1.23 trillion.
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
The cryptocurrency whale, according to Lookonchain, has sold 10,345 BTC out of an accumulate 11,659 earlier this year after a collapse below the $60,000 mark, selling for average of $59,847 per coin to realize a loss of around $26 million.
The whale still holds 8,936 BTC worth around $540 million, which means there’s potential for the whale to keep on selling their funds and add additional selling pressure on the market, which has been seeing frequent sell-offs.
As CryptoGlobe reported, large Bitcoin holders have have “sold or redistributed” around 30,000 BTC, the equivalent to more than $1.8 billion worth of the flagship cryptocurrency in just 72 hours earlier this week.
The sell-off comes at a time in which recent analysis suggests that short-term BTC holders have been “gradually exiting” the market, which leads to reduce selling pressure.
The analysis, conducted by CryptoQuant analyst IT Tech, shows the the supply of Bitcoin being held by short-term holders has declined “especially after major sell-offs,” which reduces selling pressure and creates “opportunities for accumulation and may signal a price floor.”
The analyst noted that as short-term holders sell their coins, these often end up in “stronger hands, potentially stabilizing the market.”
As reported, Bitcoin has been seeing new whales ‘fiercely’ add BTC to their holdings amid an accumulation trend that the market “has never seen,” as whales that have entered the market during the latest bull run keep looking for profit.
Featured image via Unsplash.
