Bitcoin (BTC) Price Drop to Continue? Whales Dump Bags as Bitcoin ETF Outflows Surge
- WBOYOriginal
- 2024-09-08 03:36:10361browse
In its latest report, blockchain analytics platform Lookonchain reported that a Bitcoin whale sold 100 Bitcoins worth $5.35 million.
Blockchain analytics platform Lookonchain reported that a Bitcoin whale sold 100 Bitcoins on Friday, September 9, as the BTC price crashed below $53,000.
The Bitcoin whale sold its Bitcoins at an average price of $53,546, minting a profit of $206,000 on its massive event. Notably, the whale bought its Bitcoins at an average price of $51,480, which is close to the breakeven point.
According to data from IntoTheBlock, around 836,000 addresses bought 402,800 BTC at a price between $51,113 and $54,303. These addresses, holding over $21 billion worth of Bitcoin, are likely to sell in the future, putting downward pressure on the BTC price.
Whale deposits to Binance have continued in recent times as big players seem to be losing confidence in the market. Several market analysts are already stating that subdued activity can take the BTC price below $50,000.
Institutional players are also showing signs of nervousness, as Bitcoin ETF outflows have surged over the past two weeks.
On Friday, the U.S. Bitcoin ETFs saw $170 million in outflows, bringing the total outflows to $706 million. Fidelity’s FBTC faced the most outflows with $85.5 million, while Grayscale’s GBTC outflows surged to $52.5 million.
Bitcoin Price Drop To Continue?
The BTC price faced strong selling pressure on Friday following the 4% crash in Nvidia stock. As per the Coinglass data, the 24-hour Bitcoin liquidations have surged to $114 million. Following this development, the broader crypto market has now come under selling pressure.
Other macro factors have also contributed to this overall negativity. The U.S. non-farm payrolls report for August showed lower-than-expected job growth at 142,000, below the estimated 165,000. On the other hand, unemployment remained steady at 4.2%, matching forecasts and slightly lower than July’s 4.3%.
Several market analysts are predicting the BTC price to drop below $50,000 before resuming the uptrend. BitMEX CEO Arthur Hayes wrote:
“BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.”
After falling to $52,600 earlier today, the BTC price has covered back above $54,000. According to Rekt Capital, the BTC price needs to give close above $53,250 to avoid the confirmation of the downtrend.
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