Bitcoin (BTC) Whale Triggers a $26.3M Sell-Off – How’ll Price React?

In a significant move that has caught the attention of the crypto community, a trader deposited 395 BTC, equivalent to $26.3 million, to Binance for sale. This transaction took place just hours before a 4% drop in Bitcoin’s price. The trader’s recent trading activities have been closely monitored, with Lookonchain providing detailed insights into their buying and selling patterns.

According to a tweet by Lookonchain, the trader had accumulated 536 BTC, valued at $35.15 million, between April 5 and April 18. These coins were bought at an average price of $63,729. In a quick turnaround, the trader sold the accumulated Bitcoin at $66,530 over the last two days, realizing a profit of approximately $1.5 million.

A trader deposited 395 $BTC($26.3M) to #Binance for sale before #Bitcoin prices dropped 4 hours ago.

This 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/UUq6V68LRI

— Lookonchain (@lookonchain) April 24, 2024

The trader’s wallet address, “18oPtAFW,” has been shared, allowing for public scrutiny of the transactions. This level of transparency is characteristic of the decentralized nature of blockchain technology, where all transactions are publicly recorded and can be traced back to their origins.

The Impact on Bitcoin Price

The timing of the large sell-off has raised questions about its potential impact on Bitcoin’s price. As of the latest update, Bitcoin is trading at $64,705, marking a 2.99% decrease in the last 24 hours. The sudden influx of a significant amount of BTC into the market for sale could exert downward pressure on the price, especially if the sell-off continues or if other traders follow suit.

Crypto analysts and experts are divided on the potential implications of this large sell-off. Some believe that the market could absorb the sell-off without a significant impact on the overall price, especially if there is strong demand from institutional investors or retail traders looking to buy the dip.

However, others warn that if more large-scale sell-offs occur or if there is a lack of buying support, Bitcoin’s price could face further downward pressure. Market sentiment and investor confidence play a crucial role in determining the direction of Bitcoin’s price, and any negative news or large sell-offs can lead to increased volatility.

Overall, the crypto market continues to be a rollercoaster of ups and downs, with large transactions and sell-offs often triggering sharp price movements. As the Bitcoin whale’s $26.3 million sell-off unfolds, all eyes will be on whether Bitcoin can maintain its current levels or face further declines.

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