Bitcoin (BTC) Whale Sells $35.5M, Sparking Concerns of a Price Dip to $60K

A major Bitcoin whale has offloaded $35.5 million worth of BTC over the past week. This dump has sparked concerns about a possible BTC price decline

A Bitcoin whale has sold off $35.5 million in BTC over the past week in a move that could herald a BTC price decline to the $60,000 level.

Currently, the Bitcoin price is nearing the $67,000 mark.

This Bitcoin whale, known as wallet 3A9qN, appears to be selling off its BTC holdings to a market maker or trading firm, based on previous transaction patterns.

The wallet had accumulated 12,400 BTC, valued at around $500 million, between 2020 and 2024 at an average price of $39,100.

The holdings reached a peak value of $886.46 million on May 21, 2024, during Bitcoin’s bull run.

Since then, the whale has liquidated a total of $253.89 million in BTC at an average price of $63,970.

The large whale has been moving its BTC holdings to a market maker or trading firm, based on prior patterns.

The Bitcoin whale 3A9qN sold off BTC in tranches, with the latest sale sparking speculation that this move could trigger a correction in Bitcoin price.

Market analysts are divided on the implications of this whale’s selling activity.

Some posit that such large sell-offs could apply downward pressure on BTC price, potentially pushing it down to $60,000.

However, others believe that the market may have sufficient liquidity to absorb these sales without causing significant price movement.

This whale’s strategic selling comes at a time when Bitcoin has experienced substantial price fluctuations.

At press time, Bitcoin was valued at $66,905.08, gaining 1.73% on Tuesday.

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