Bitcoin's price saw a significant drop on Tuesday after a major asset holder began selling BTC.
Sharp Drop in Bitcoin Price
On Tuesday, Bitcoin's price fell below the $117,000 mark, reaching an intraday low of $116,218 before recovering slightly.
Whale Activity in the Market
According to analytics platform Lookonchain, an ancient holder controlling over 80,000 BTC recently transferred 9,000 BTC (approximately $1.06 billion) to Galaxy Digital. This was followed by another substantial transfer of 7,843 BTC.
Market Responds to Transactions
Galaxy Digital is already depositing these coins onto major exchanges like Binance and Bybit, with approximately $236 million worth of BTC received. Following these transactions, another whale closed their long position and flipped to short. According to CoinGlass, $406 million worth of long positions were liquidated in the past four hours alone.
The pressure from whale sales is causing short-term fluctuations in Bitcoin's market, and experts are closely monitoring further movements from investors.
