Bitcoin Whale Offloads 800 BTC as Price Dropped to $58K, 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 in the asset’s price. The price of Bitcoin dropped to the $58,000 range in the early Asian trading hours today, sending unrest across the crypto community.

October, generally known as a bullish month for crypto, coined “Uptober,” has not lived up to expectations so far. The market has suffered heavy volatility with the flagship cryptocurrency trading as high as $63k and bottoming around $58,930. With this latest whale dump, is the market looking at more decline ahead?

Whale Disposes Over $48 Million BTC

Lookonchain, a sophisticated crypto large transaction tracker, flagged the transaction on X (formerly Twitter) a few hours ago from press time. According to the report, the whale dumped 800 BTC, 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 entity has accumulated 11,659 BTC, worth $727 million, at an average price of $62,362 per BTC since June 9. However, it sold 10,345 BTC ($619M) at an average price of $59,847, thus losing approximately $26 million in the process. Meanwhile, the whale still holds a staggering 8,936 BTC valued at $540 million.

More Than 30K BTC Sold in the Past Three Days

Meanwhile, other notable cases of large BTC dumps were recorded within the last few days, 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, worth $1.8 billion in the last three days.

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

Following its reactivation, the wallet distributed the 100 BTC to 5 different wallets simultaneously with the largest one receiving 87.99 BTC and the least getting 0.0005 BTC.

Meanwhile, at the time of writing, Bitcoin’s price declined by 0.67 to trade at $60.785.

Conclusion

The panic sale of 800 BTC by a whale amidst Bitcoin’s price drop to the $58,000 range highlights the volatility and uncertainty surrounding the market, especially during what was expected to be a bullish period for crypto, often dubbed “Uptober.”

This large sell-off, combined with the disposal of over 30,000 BTC by whales in recent days, intensifies downward pressure on Bitcoin and dampens optimism.

The whale’s decision to sell at a significant loss, having accumulated BTC at higher prices, reflects growing nervousness among major holders, signaling the potential for further declines as bearish sentiment persists. However, the reactivation of dormant wallets adds intrigue to the market’s future trajectory.