The recent sell-off by a significant Bitcoin holder has caused dramatic price drops and sparked speculation in the market.
Unloading 24,000 BTC by Whale
A prominent Bitcoin whale, holding over 150,000 BTC, offloaded 24,000 BTC, resulting in a price drop from $115,598 to $110,721. However, the negative momentum weakened, and by the start of the week, Bitcoin was trading at $112,305.60, down 2.02% over the last 24 hours.
Capital Shifts from Bitcoin to Ethereum
According to a market observer, two Bitcoin holders controlling over 90,000 BTC have reportedly sold over $1.4 billion worth of Bitcoin in just four days to accumulate Ethereum. Despite these sales, they still hold more than $8 billion in BTC, indicating that further rotations into ETH may be on the horizon.
Market Analysis and Expert Opinions
Despite prevailing risk-off sentiment in digital asset markets, analysts believe Bitcoin to be significantly undervalued. Experts suggest that current price fluctuations are not cause for panic as Bitcoin's trajectory unfolds as expected within the cyclical framework. Blockstream CEO Adam Back indicated that a $100,000 price target is too low, projecting potential prices between $500,000 and $1 million within this cycle.
The digital asset market remains volatile, with large holders and exchanges raising concerns about possible price manipulation. Observations should be made for developments that could influence future market movements.
