Bitcoin showed a significant decline after reaching new all-time highs at $123,000. This pullback coincided with actions from a major investor moving $2 billion worth of BTC.
Weekly Overview
Following a sharp rise to a record $123,000, Bitcoin's price dropped nearly 5%, trading around $116,000. This decline occurred amid optimism for pending cryptocurrency legislation in the U.S.
Major Investor Movements
A major investor inactive for over 14 years transferred 16,843 BTC (approximately $2 billion) to Galaxy Digital. These transfers occurred in several transactions and may indicate that the investor is preparing to sell.
Market Impact and Anticipated Changes
According to reports, around $160 million in long and short positions on Bitcoin have been liquidated in the last 24 hours. Currently, Bitcoin is hovering between $116K-$117K, with total market capitalization for digital assets declining by over 4%.
The recent drop in Bitcoin's price reflects not only actions taken by major investors but also the current state of the entire cryptocurrency market. Expectations for new regulatory initiatives in the cryptocurrency space remain, which could influence future developments.
