Major Bitcoin holder offloads over 2K BTC worth $141M

A major Bitcoin holder, or “whale,” offloaded a staggering 2,019 BTC—worth approximately $141.5 million—as the flagship cryptocurrency dipped below the $70,000 mark. The move reflects rising market anxieties, as Bitcoin struggles to maintain recent highs above $73,000.

Data from the blockchain analysis platform Lookonchain reveals that this isn’t the first major sale from this address. 

Since October, the whale has sold a total of 5,506 BTC, equivalent to more than $366 million, signalling a pattern of panic-selling during market downturns. 

The latest transaction brings the whale’s holdings to just under 5,000 BTC, a significant reduction from the 11,659 BTC they accumulated since June 2024.

In early October, the same whale dumped 800 BTC when prices hovered around $64,000, banking $48.5 million in the process. 

However, as Bitcoin faced pressure in recent weeks, the address sold off a significant portion of its holdings, incurring an estimated $26 million in losses on the journey from accumulation to liquidation.

This recent sale comes amid a broader market slump affecting other major cryptocurrencies, including Ethereum and Solana. At press time, Bitcoin was trading around $69,186, down nearly 2% in 24 hours, with the cryptocurrency’s price fluctuating between $68,840 and $71,500 throughout the day. 

Meanwhile, the crypto market as a whole has seen liquidations exceeding $271 million, with long positions taking the brunt of the hit as bullish bets struggle to weather the price correction.

The whale’s liquidation frenzy may signal caution among major players, as analysts debate whether the recent price rally was a temporary surge or a prelude to greater volatility ahead. 

This ongoing whale activity highlights the influence of large holders on market sentiment, sparking concerns among traders who are watching closely to see if other whales will follow suit.