In its latest report, blockchain analytics platform Lookonchain reported that a Bitcoin whale sold 100 Bitcoins worth $5.35 million. It seems that the whale sold in panic as the king coin’s price crashed all the way under $53,000 late Friday.
The Bitcoin whale reportedly minted a profit of $206,000 on its massive event while selling its Bitcoins around its breakeven point. On the other hand, data from IntoTheBlock shows that approximately 836,000 addresses hold 402,800 BTC worth $21 billion.
These whales reportedly purchased all of these Bitcoins in the range from $51,113 to $54,303. Blockchain analytics platform Lookonchain stated that these whales are likely to sell in the future thereby triggering the downward pressure on the BTC price.
Whale deposits to crypto exchange Binance have continued in recent times are big players seem to lose confidence in the market. Several market analysts are already stating that subdued activity can take the BTC price under $50,000.
Institutional players also seem to be nervous as the Bitcoin ETF outflows have continued to surge over the past two weeks. On Friday, the US Bitcoin ETFs saw $170 million in outflows, thereby taking the total outflows to $706 million.
Fidelity’s FBTC faced the most outflows with $85.5 million while Grayscale’s GBTC outflows have surged to $52.5 million.
Bitcoin Price Drop to Continue?
On Friday, the BTC price faced strong selling pressure following the Nvidia stock crash by 4%. As per the Coinglass data, the 24-hour Bitcoin liquidations have surged to $114 million. Following this development, the broader crypto market has now come under selling pressure.
Other macro factors have also contributed to this overall negativity. The US non-farm payrolls report for August showed lower-than-expected job growth at 142,000, below the estimated 165,000. On the other hand, unemployment remained steady at 4.2%, matching forecasts and slightly lower than July’s 4.3%.
Several market analysts are predicting the BTC price to drop under $50,000 before resuming the uptrend. BitMEX CEO Arthur Hayes wrote:
BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.
After falling to $52,600 earlier today, the BTC price has covered back above $54,000. According to Rekt Capital, the BTC price needs to give close above $53,250 to avoid the confirmation of the downtrend.
