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Bitcoin Whales Dump 500K BTC: Holdings Hit Lowest Levels Since 2019
A staggering 500,000 Bitcoins have been sold by large investors, known as whales, since July 2024. This massive dump has led to the lowest level of holdings seen among these significant investors in over five years.
The sudden selling pressure has sent shockwaves throughout the market, causing Bitcoin’s realized volatility to surge past 80%. The instability is unprecedented and has left many investors scrambling for answers.
In a stark contrast, Ethereum and Solana have suffered even deeper losses, with each asset dropping more than 50% from their all-time highs. A strengthening US dollar has further exacerbated the pressure on the cryptocurrency market, draining liquidity from riskier assets.
Despite the turmoil, Bitcoin has managed to maintain its resilience due to strong liquidity, preventing extreme price swings. However, short-term holders are facing substantial losses, making it increasingly difficult for new investors to enter the market.
The crucial support levels at $92,000 and $71,000 will play a decisive role in determining Bitcoin’s next move. If demand weakens and fails to defend these levels, another wave of capitulation may ensue.
In the coming weeks, we will have to wait and see whether strong hands step in or panic takes over.
