2024

An anonymous <a href="https://bitcoinist.com/bitcoin-mega-whales-are-now-selling-is-the-top-in/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin whale</a> may have triggered a massive sell-off panic in the crypto market recently. According to an X (formerly Twitter) post by Ali Martinez, the whale sold off a whopping 59,000 BTC totaling over $2.45 billion.&nbsp;
<h2 id="b-bitcoin-whale-dumps-59-000-btc-b">Bitcoin Whale Dumps 59,000 BTC</h2>
In his X post, Martinez <a href="https://x.com/ali_charts/status/1748277869766156408?s=46" target="_blank" rel="noopener noreferrer nofollow">announced</a> that a Bitcoin whale has initiated a large-scale dump, <a href="https://bitcoinist.com/bitcoin-inflows-binance-spike-whales-2024-selloff/" target="_blank" rel="noopener noreferrer nofollow">selling off</a> approximately 59,000 BTC. He shared a chart displaying the Bitcoin Spend Output Age Bands which revealed that the Bitcoin whale had initially acquired 59,346.950 BTC during the last six months of 2023.&nbsp;
<blockquote class="twitter-tweet">
 A staggering 59,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>, initially purchased 3-6 months ago at an average price of $26,000, was recently sold, netting an impressive 57.69% profit. This equates to a total gain of around $885 million! <a href="https://t.co/cxubNOTFdQ" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/cxubNOTFdQ</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1748277869766156408?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 19, 2024</a>
</blockquote>
As per the crypto analyst’s estimate, the whale had bought this staggering amount of BTC at an average price value of $26,000. With BTC’s current value nearly doubling since the initial purchase, the whale’s 59,000 Bitcoin investment has yielded an outstanding 57.69% profit. This percentage puts the total gain at approximately $885 million.&nbsp;
This recent <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-sell-50000-btc/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin sell-off</a> adds to a series of similar whale activities observed in the crypto space lately. Shortly after the launch of Spot Bitcoin ETFs, a Bitcoin whale <a href="https://x.com/lookonchain/status/1745653728190074991?s=46" target="_blank" rel="noopener noreferrer nofollow">sold</a> 2,742 BTC worth $127.7 million at the time. This strategic move resulted in a substantial profit of over $74 million. Additionally, reports from Whale Alert have seen 6,621 BTC worth over $276 million being <a href="https://x.com/whale_alert/status/1748436166628520341?s=46" target="_blank" rel="noopener noreferrer nofollow">transferred</a> from an unknown whale wallet to Coinbase, an American crypto exchange.&nbsp;
<blockquote class="twitter-tweet">
 A whale deposited all 2,742 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($127.5M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> to take profits after the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> spot ETF opened trading.
 The whale withdrew 2,742 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($53M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> between Oct 7, 2022, and Dec 29, 2023, at an average price of $19,337.
 The profit exceeded $74M! <a href="https://t.co/1O96Z9ihie" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/1O96Z9ihie</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1745653728190074991?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 12, 2024</a>
</blockquote>
Usually, in the crypto space, small amounts of Bitcoin transactions have no effect on the market, but a transaction involving hundreds of millions, or billions of dollars worth of <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-price-in-danger-this-terrible-story-could-happen-again/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> can potentially create massive selling pressure and adversely influence the price of the cryptocurrency.
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 6,621 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> (276,835,439 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/foR4QhUxQH" target="_blank" rel="noopener noreferrer nofollow">https://t.co/foR4QhUxQH</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1748436166628520341?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 19, 2024</a>
</blockquote>
In respect to this, popular market intelligence platform, Santiment <a href="https://x.com/santimentfeed/status/1748076511146729785?s=46" target="_blank" rel="noopener noreferrer nofollow">disclosed</a> on X that the crypto market has been consistently experiencing declines that could induce panic among traders.&nbsp;
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> continues seeing concerning declines with the totality of market caps we track now down -7.5% in the past week. The <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BitcoinETF</a> approvals increasingly look to be a classic ‘buy the rumor, sell the news’ event, but it is still early. If traders begin to panic, their <a href="https://t.co/G6v1OCVVzz" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/G6v1OCVVzz</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1748076511146729785?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 18, 2024</a>
</blockquote>
The crypto data intelligence platform shared a chart illustrating the dip possibilities that could be triggered by Fear, Uncertainty, and Doubt (FUD) among crypto traders and investors. Santiment predicts that if bearish sentiments cause traders to panic, it may prompt <a href="https://www.newsbtc.com/bitcoin-news/sell-bitcoin-short-term-holders-2-billion-selloff/" target="_blank" rel="noopener noreferrer nofollow">major sell-offs</a> and potentially instigate a significant bounce in the market.&nbsp;
<h2 id="b-btc-drops-below-42-000-b">BTC Drops Below $42,000</h2>
Although 2024 has been heralded as the year of the crypto bull run, the price of Bitcoin has been <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-fall-below-41000/" target="_blank" rel="noopener noreferrer nofollow">experiencing unexpected declines</a> recently.&nbsp;
Initially, BTC surged above $49,000, its highest level in 2023. However, currently the price of the cryptocurrency is <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-uphill-task-43500/" target="_blank" rel="noopener noreferrer nofollow">trading below the $42,000 price </a>mark. At the time of writing, Bitcoin’s price stands at $41,487, reflecting a 3.29% <a href="https://www.newsbtc.com/news/bitcoin/crypto-analyst-bitcoin-price-plunge-even-lower/" target="_blank" rel="noopener noreferrer nofollow">plunge</a> over the past seven days, according to CoinMarketCap.
Despite the bullish sentiments brought by the <a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" rel="noopener noreferrer nofollow">approval</a> and launch of Spot ETFs, Bitcoin has failed to rally above the <a href="https://bitcoinist.com/bitcoin-50000-this-week-matrixport/" target="_blank" rel="noopener noreferrer nofollow">$50,000 price mark predicted</a> by expert crypto analysts. Santiment has suggested that the approval of Spot Bitcoin ETFs appears to be a classic case of a “buy the rumor, sell the news event.”
Featured image from Shutterstock

Bitcoin Whale Carries Out Massive Sell-Off As BTC Price Suppression Continues

Table of Contents

NewsBTC

Other articles published on Jan 20, 2024

Pro-XRP Lawyer Shares SEI Investment Story As Price Dips 8%

$1.2M Bitcoin Transfer to Satoshi Stirs Curiosity; Sustained Excitement Around Cardano & Rebel Sa...

MetaMask or Coinbase: What is the Better Exchange for Crypto?

Why Bitcoin Has Yet to Enter Real Bull Market Territory

Elon Musk's X Post Triggers Crypto Community's Enthusiastic Response

Bitcoin faces challenges amidst U.S. dollar’s resurgence and ETF uncertainty

Join our free newsletter for daily crypto updates!