"Even $90,000 Is Precarious"…Bitcoin Whales Continue to Cash Out

JOON HYOUNG LEE

Summary

It reported that recently large investors, Bitcoin whales, have been continuously selling.
On-chain analysis says the whales' sustained selling pressure is driving downward pressure on Bitcoin's price.
There is a forecast that if Bitcoin's price falls below the $100,000 support level, it could additionally drop to $89,600.

Whales (large investors) have recently been continuously selling Bitcoin (BTC). There are concerns that the Bitcoin price could soon give up the $90,000 level.

According to on-chain analytics firm LookOnChain on the 9th, Owen Gunden, known as a Bitcoin OG (early investor), moved approximately 3,600 bitcoins on the previous day (the 8th). That amounts to $372,000,000 (about 550 billion won) at current value.

Of the bitcoins Owen Gunden moved, 500 have already been deposited to the cryptocurrency exchange Kraken. Exchange deposits are typically interpreted as a sell signal. LookOnChain said, "The remaining roughly 3,100 bitcoins are likely to be moved to Kraken within the next few days."

*Whales (large investors) selling. Photo=Glassnode*

Other whales have also been steadily selling. On the same day, on-chain analytics firm Glassnode said in a report, "Large wallet addresses holding more than 10,000 bitcoins have maintained selling pressure for three months since August," adding, "Whale addresses are currently continuously placing bitcoins onto the market, leading downward pressure on prices." Charles Edwards, co-founder of Capriole Investment, also stated, "OG Bitcoin whales are selling."

Analysts say selling could accelerate if the Bitcoin price falls below $100,000. U.S. crypto media Cointelegraph said, "If Bitcoin's price falls below the $100,650 support level, it could enter the next downturn," and "It could fall to $89,600, about 12% lower from current price levels."

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