Bitcoin OG Whales Abandon Ship as BTC Price Risks Dumping Below $70K
Bitcoin’s price has nosedived once again in the past 24 hours, dropping below $71,000 for the first time since the weekend.
While the blame has been placed on the US Federal Reserve, certain OG whales have been disposing of large BTC portions, which can also be attributed to the correction.
OGs Selling
Lookonchain reported that an ancient BTC wallet sold another 1,000 units in the past day, worth around $71 million. The entity received 5,000 BTC (worth around $1.66 million at the time) over 12 years ago, but began selling off its assets in November 2024.
The unknown market participant has disposed of 3,500 BTC at an average price of over $96,000. According to the analytics company’s estimations, the whale profited around $442 million, or a 266x return.
In another post on X, Lookonchain indicated that one more BTC OG wallet, flagged as belonging to Owen Gunden, has sold 650 BTC in the past day as well. This one followed a previous big dump of 11,000 BTC, worth over $1.1 billion at the time.
These substantial market sell-offs coincided with or even preceded bitcoin’s notable price drop in the past 24 hours. The asset traded above $74,000 by yesterday afternoon, when it nosedived to $71,000. Although it bounced at first after the Fed’s decision to maintain the interest rates, it dropped further in the following hours toward $70,000.
One Is Buying
It’s not all doom and gloom on the bitcoin whale scene, though. The analytics resource explained that another such market participant has been buying BTC “every day since Mar 10,” and splashed another $37 million yesterday to acquire over 500 units.
The post noted that the entity has accumulated a total of 2,656 BTC at an average price of just over $72,000 since March 10, worth around $190 million as of press time.
The post Bitcoin OG Whales Abandon Ship as BTC Price Risks Dumping Below $70K appeared first on CryptoPotato.
You May Also Like
Why African countries are using data protection laws as backdoor to regulate AI
YieldMax Funds Explained: How These ETFs Work, What They Pay & The Hidden Risks
