A recent sell-off by a major whale of 24,000 BTC triggered sharp declines in the cryptocurrency market, affecting Bitcoin, Ethereum, and altcoins, highlighting market vulnerabilities.
Whale's Move
A significant event occurred in the cryptocurrency market when one of the major holders, who had not moved their assets for a long time, sold 24,000 BTC. This whale had held the coins for over five years, and a total of 12,000 BTC were transferred to the Hyperunite exchange. Interestingly, neither the whale nor the platform has made any public statements.
Liquidation Cascade and Consequences
The active sell-off led to immediate liquidations of leveraged positions amounting to over $300 million in under ten minutes. Bitcoin's price fell sharply from $115,000 to $110,600, marking a six-week low. Ethereum also showed high volatility, reaching a new all-time high near $5,000 before falling to $4,700. Part of the losses were regained as the price recovered to $4,800.
Response from Institutional Investors
Some institutional investors took advantage of the price drop, absorbing 16,000 BTC at discounted prices, indicating potential long-term bullish strategies. Notable shifts towards Ethereum and significant ETH staking aimed at yield generation were also observed. Experts note that such volatile events can lead to temporary market bottoms and predict opportunities for long-term growth.
Recent events in the cryptocurrency market highlight the influence of major players and swift liquidations. These market changes create both risks and opportunities for investors.
