Bitcoin Whale Panic Sells 800 BTC Amid Market Decline, as the Market Looks at More Decline Ahead

Earlier today, a Bitcoin whale made headlines after it panic-sold a staggering part of its holding, to the tune of 800 BTC following a sharp decline

A Bitcoin whale has reportedly sold 800 BTC at a loss following a sharp decline in the asset’s price, sparking concerns within the crypto community.

According to Lookonchain, a crypto large transaction tracker, the whale sold the BTC, currently valued at $48.5 million, soon after the market took a nosedive. Notably, this wouldn’t be the first time the whale has sold at a loss.

Lookonchain disclosed that the whale began accumulating BTC on June 9 at an average price of $62,362. During this period, the entity amassed 11,659 BTC, roughly $727 million. However, it sold 10,345 BTC ($619M) at an average price of $59,847, losing approximately $26 million in the process.

Interestingly, the whale still holds a large amount of BTC, with a remaining balance of 8,936 BTC, valued at $540 million.

Bitcoin Whales Sold Over 30K BTC In Past Three Days

In the past few days, there have been several large BTC dumps, increasing the selling pressure on the coin and watering down bullish sentiments. According to on-chain data, Bitcoin whales have collectively disposed of over 30,000 BTC, amounting to $1.8 billion in the last three days.

Among these large sell-offs, Whale Alert reported the awakening of a Bitcoin address that has been lying dormant for 12.7 years. This wallet holds a staggering 100 BTC, valued at $6.01 million. Notably, its total holding was worth $605 in 2012, at the time of its disappearance.

Upon reactivation, the wallet distributed the 100 BTC to 5 different wallets simultaneously. The largest wallet received 87.99 BTC, while the smallest received 0.0005 BTC in the distribution.

At press time, Bitcoin’s price declined by 0.67% to trade at $60,785.

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