Key Takeaways
Bitcoin dropped below $113K after a dormant whale sold billions, stoking fears that old holders are dragging the market.
Bitcoin [BTC] faced intense selling pressure over the weekend after a long-dormant whale unloaded 24,000 BTC, worth roughly $2.7 billion, in a single move.
The massive sell-off triggered a sharp $4,000 drop, pushing the price down to the critical $113K support zone.
OG Bitcoin whale dumps Bitcoin
On-chain analyst Sani noted that the stash, untouched for more than five years, was fully liquidated and sent to Hyperunite, marking one of the largest individual dumps in recent memory.
On the 24th of August alone, the whale offloaded another 12,000 BTC to Hyperunite and, according to market observers, is still actively selling.
Prominent Bitcoiner Willy Woo linked the sluggish pace of Bitcoin’s current cycle to these massive whale movements. He argued that OG whales, who built stacks in 2011 at <$10 per BTC, now controlled supply.
Woo stressed that $110,000+ in new capital was needed to absorb each BTC they sold. He added that this drag
Go to Source to See Full Article
Author: Ishika Kumari
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
