Bitcoin’s oldest whales can be blamed for the slow action of Bitcoin in this cycle, according to Bitcoiner Willy Woo, pointing out that it now takes more than $ 110,000 of fresh capital to get every Bitcoin they sell.
“The BTC supply was concentrated around the OG whales that peeked into their holdings in 2011,” Woo Says On an x post on Sunday. “They bought their BTC for $ 10 or less.”
“The difference -on the basis of the cost, the supply they hold and their sales rate has a deep impact on how many new capital needs to come in to lift the price,” said OG Bitcoiner.
The whale is blamed for the Bitcoin Flash crashing for $ 112k
It came as the crypto community pointed out the OG Bitcoin Whale of the BTC outside the BTC so that ETH could illuminate the Bitcoin’s $ 45 billion market cap on Sunday.
The whale is understood to rotate more than $ 2 billion worth of Bitcoin in the ether last week, which has triggered a cascade of sellers of orders throughout the market.
Flash crashing saw bitcoin (Btc) fall almost 2.2% from $ 114,666 and 7:31 pm UTC to $ 112,546 in nine minutes before dropping $ 112,174 at 8:16 pm UTC, Coingecko Data Shut up.
Eth din fell A sharp 4% from $ 4,937 to $ 4,738 in the same time frame. Both cryptocurrencies, however, recovered half of the losses that occurred from the flash crash.
Many of X taught a crypto whale that began to move Bitcoin to the decentralized crypto perpetuals Hyperliquid platform on August 16, sending 24,000 BTC ($ 2.7 billion) throughout six transfers in the last nine days, blockchain.com Data Shut up.
Thus, 18,142 BTC worth $ 2 billion has been sold, almost all of them rotated at 416,598 ETH, According to In the Crypto Analyst MLM, which believes that the whale is behind another set of purse addresses that move Bitcoin to Hyperliquid for additional ETH purchases.
A total of 275,500 ETH, worth $ 1.3 billion, is stuck, suggesting a pivot of the whale at ETH can be part of a long -term approach.
The profitable strategy of the whale trading contributed to the crashing
The whale also wants 135,263 ETH in hyperliquid For a total exposure of 551,861 et Netting A $ 185 million ETH/BTC trade revenue, MLM said.
Long positions in ETH rose in value as entrepreneurs positively react to whale earlier Spot purchases.
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But as the whale started closing the long ones, the market realized the whales Trade strategy – Encouraging entrepreneurs to reverse their positions in a Cascade of Sell Order, MLM mentioned In the Telegram.
“He is effective for people who are trying to get rid of him.”
Many more bitcoin can be loaded
The founder of timechainindex.com, known as Sani in X, also mentioned That Bitcoin Whale still holds 152,874 Bitcoin in many other purse addresses.
Funds were originally derived Crypto Exchange HTX (Former Huobi) About six years ago and remained inactive until August 16, Sani added.
Another whale exchanged BTC with ETH last week
Meanwhile, another Bitcoin whale sells $ 670 Bitcoin worth $ 76 million in Open a long position with ETH Last Thursday – reflecting the increasing trend of crypto whales selling BTC for ETH.
ETH has climbed 220% since lowering $ 1,471 on April 9, forming the preferences of Bitcoin and Solana (Sol), which leads to the early stages of the current bull cycle.
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