A massive weekend sell-off by a Bitcoin whale triggered significant liquidations, dragging BTC down to a critical support range near $113,000.
The whale sold 24,000 Bitcoins worth $2.7 billion on Sunday, triggering a $4,000 price drop in Bitcoin within minutes . However, they still hold 152,874 Bitcoins worth over $17 billion.
According to Sani, an on-chain Bitcoin analyst and founder of Timechain Index, the entity liquidated its entire 24,000 BTC balance, which had not moved in over five years, and transferred it to Hyperunite.
Sani wrote on the X platform that a whopping 12,000 BTC was transferred to the Hyperunite exchange on Sunday alone, and that the whale “is still actively selling.”
Bitcoin falls below $112,700 amid continued whale selling
According to Willy Woo, a well-known Bitcoin supporter, the reason for the slow rise of BTC in this cycle is that its supply is concentrated in the hands of large whales whose holdings reached a peak in 2011.
“They were buying BTC at $10 or less. It would take over $110,000 in new money to absorb every BTC they sold.”
This means that value differences, supply, and the pace of selling have a significant impact on the amount of new money needed to drive Bitcoin prices higher.
In addition, Bitcoin early adopters (OGs) are exchanging BTC for ETH. Crypto analyst MLM pointed out that a whale sold 18,142 BTC, worth about $2.04 billion, with most of the funds flowing into Ethereum.
“As of now, the two entities have purchased a total of 416,598 ETH (approximately $1.98 billion), of which 275,500 ETH (approximately $1.3 billion) has been staked,” MLM wrote on the X platform .
Meanwhile, another whale sold 670 bitcoins (worth about $76 million) on Thursday to open a long position in ETH.
“Once this whale started selling, it triggered a panic chain reaction, with other traders following suit, exacerbating the plunge,” WhaleWire CEO Jacob King said on X. “Most of the money is flowing into Ethereum, with $2 billion already bought and $1.3 billion staked.”
Bitcoin Flash Crash – Is There Still a Chance for BTC to Recover?
As of 12:26 a.m. ET on Sunday, Bitcoin was down 2.12% at $112,692. The cryptocurrency had previously dipped to a low of around $110,500, according to CoinMarketCap .
The RSI-7 indicator is at 40.72, indicating oversold conditions, but no reversal signal has yet appeared.
However, industry observers believe that this downward momentum is only temporary and does not indicate a bearish market. For example, Alex Krüger, founder of Aike Capital and a crypto trader, wrote on X that once the short-term momentum is digested and the price breaks through the $113,500 to $114,000 range, Bitcoin will be more likely to rise.
Another crypto expert, Vijay Boyapati, said this cycle is "one of the greatest monetization events in history."
“The price stagnation is because some whales have reached their desired price targets and are selling. This is a healthy process – their supply is limited, and their selling is necessary for Bitcoin to fully monetize.”