Bitcoin Whale Offloads 24000 BTC: Still Holds 152K

Key Insights:

• A Bitcoin whale offloaded 24,000 BTC.
• Two Bitcoin holders reportedly sold over $1.4 Billion worth of Bitcoin in just four days to accumulate Ethereum.
• Bitcoin’s trajectory is unfolding as expected within the cycle framework, says expert.

Bitcoin whale holding over 150,000 BTC offloaded 24,000 BTC from his stash on Sunday. Allegedly sparking a sell-off from $115,598 to $110,721.

However, downward momentum fizzled out at the start of the week. Bitcoin price was showing signs of recovery at press time. The largest cryptocurrency by market cap was trading at $112,305.60 with a 2.02% loss over the past 24 hours.

Bitcoin Whale Sells 24,000 BTC, Causes ‘Flash Crash’

A massive Bitcoin whale dump left the market in speculation after unloading 24,000 BTC. The dump valued at $2.7 billion triggered a sharp price drop by $4K within minutes.

Zyn, a web3 opinion leader (KOL), described the sell-off as a liquidation cascade, a chain reaction where rapid price drops force overleveraged traders’ positions to be liquidated, pushing prices down even further.

According to the analyst, with no macro news to justify the crash and ETH dumping right after a local high, evidence pointed to manipulation, and not sentiment.

Meanwhile, the whale is still holding 152,874 BTC, worth approximately $17 Billion, as per the current price. This further indicates the move could have been aimed at sparking liquidations rather than being a complete market exit.

Capital is Rotating from Bitcoin to Ethereum

According to market observer Altcoin Gordon, two Bitcoin holders, controlling more than 90,000 BTC, have reportedly sold over $1.4 Billion worth of Bitcoin in just four days to accumulate Ethereum.

Despite the sales, they still retain more than $8 Billion in BTC, suggesting further rotations into ETH may follow. The scale of these moves has fueled speculation that Ethereum’s trajectory could extend far beyond conventional bullish forecasts.

Bitcoin Price is Still Undervalued, Says Experts

Despite prevailing risk-off sentiment across digital assets markets, analysts believe Bitcoin remains significantly undervalued. Market observers have urged investors to maintain optimism, pointing to the asset’s historical four-year cycle as a guide for what comes next.

Crypto analyst apsk32 reassured that Bitcoin’s trajectory is unfolding as expected within the cycle framework, suggesting that current volatility is no cause for panic.

Adding to the bullish outlook, Blockstream CEO Adam Back argued that Bitcoin’s long-term valuation potential remains far from being fully realized.

According to Back, a $100,000 price target is “way too cheap,” projecting instead that Bitcoin could reach between $500,000 and $1 Million before the end of this cycle.

Bottom Line

The Sunday sell-off fueled speculation that Binance allegedly employed market manipulation tactics to trigger liquidations of long positions opened immediately after Jerome Powell’s speech.

According to crypto commentator Rekt Fencer, Binance has allegedly been selling significant amounts of Bitcoin and Ethereum with the intention of triggering liquidations on over-leveraged long positions.

The claim suggests that the exchange’s actions could have contributed to the sharp market swings observed on Monday.

The analyst described the situation as “pure manipulation,” echoing growing concerns within parts of the crypto community about how centralized exchanges may be influencing short-term price movements. Binance is yet to release an official statement concerning the allegations.