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Crypto Market Under Pressure: Bitcoin Sales and Expected CPI Data

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by Giorgi Kostiuk

6 hours ago

The cryptocurrency market braces for a potential crash in Bitcoin and altcoin prices as major whale selloffs and inflation forecasts loom.

Satoshi-Era Bitcoin Seller

A whale holding 80,000 BTC has started dumping its holdings onto exchanges for the first time in over a decade. According to Lookonchain, this marks the first sale of BTC by this address, moving 4,500 BTC worth approximately $536 million to Galaxy Digital in an OTC deal.

Other Whales Selling Bitcoin

Lookonchain reports other whales also began selling BTC, creating additional downward pressure on the Bitcoin price and the broader crypto market. Several whales have closed their long positions on BTC, realizing a total of $3.5 billion in profits.

CPI Data Expectations and Implications

Economists predict higher inflation figures from the U.S. Department of Labor, which could impact Federal Reserve policy. Meanwhile, Bitcoin's price has fallen below $117,000 amid expectations of a hot CPI release.

The situation in the crypto market remains tense. Whale sell-offs and rising inflation present risks for further declines in Bitcoin and altcoin prices.

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