Bitcoin Whale Panic-Sold $50M of BTC After Accumulating $727M Earlier This Year at $62.3K

A Bitcoin whale has panic-sold nearly $50 million worth of BTC amid the recent price drop.

According to data from on-chain cryptocurrency analysis service Lookonchain, the whale sold 800 BTC, which was worth $48.5 million at the time of the transaction. The panic-sell was triggered by the recent Bitcoin price drop, which saw the cryptocurrency fall from over $64,000 earlier this month to a $60,000 low, from which it recently started recovering.

Bitcoin was trading at $62,000 at the time of writing, after rising more than 2.5% over the last 24-hour period and now has 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

The whale, whose activity has been closely tracked throughout 2023, has sold 10,345 BTC out of an accumulation of 11,659 earlier this year after a collapse below the $60,000 mark, selling for an average of $59,847 per coin to realize a loss of around $26 million.

The whale still holds 8,936 BTC, which is worth around $540 million, suggesting there’s potential for the whale to continue 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 sold or redistributed around 30,000 BTC, or 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 reduced 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.

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