The long-dormant Bitcoin whale, known as the OG, has reactivated, transferring 80,192 BTC to new addresses. These operations create uncertainty and concern in the cryptocurrency market.
Return of the Bitcoin OG Whale
According to Lookonchain, the previously dormant whale has moved 40,192 BTC, nearly $4.8 billion, to a new wallet. This event coincides with a 40x short position opened by trader James Wynn, putting significant pressure on Bitcoin's price.
History of Bitcoin Selloffs and Market Reaction
This isn't the first time a Bitcoin whale has caused concern in the market. Over the past week, two major selloffs occurred — 40,000 BTC was transferred to Galaxy Digital. The market responded by dropping Bitcoin's price from $123,000 to $116,000 in a short span. Traders like James Wynn are changing their positions, highlighting the volatility of the situation.
Analysis of Current Situation and Possible Consequences
Analysts express that such volatility could be part of a healthier correction, while emphasizing that the critical level remains at $117,000. If the price falls below this threshold, it could trigger cascading liquidations and intensify bearish sentiment in the market. Recent trends indicate increasing pressure from whales and decreased retail attention.
The activity of the Bitcoin OG whale is creating high risks in the market. Over 80,000 BTC have moved in under a week, amplifying bearish pressure on Bitcoin. The current technical situation looks promising, yet the market structure remains fragile, and the future depends on the evolution of these events.
