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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Whales Dump 20,000 BTC On The Market, Sell Side Strengthens

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Bitcoin Ethereum Whales And Sharks

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The Bitcoin price action remains stalled as the cryptocurrency moves in a tight range; uncertainty is king in the current environment. Market participants are more optimistic after BTC climbed 12% from the yearly lows, but the possibility of a sustainable rally is declining. 

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XRP Price Bucks Market Trend As Whales Move 161 Million Tokens

2 years ago

The sideways price action is affecting the sentiment in the market. As of this writing, Bitcoin (BTC) is trading at $16,800. Other cryptocurrencies in the top 10 by market cap display similar price action, with very few recording profits on these timeframes. 

Bitcoin BTC BTCUSDT
BTC’s price moves sideways on the daily. Source: BTCUSDT Tradingview

Bitcoin Whales Jump Ship, What This Means For BTC

Bitcoin has been moving in tandem with legacy financial markets since the end of 2021. The cryptocurrency is responding as a risk-on asset to the U.S. Federal Reserve (Fed) monetary policy. The financial institution is hiking interest rates to slow down inflation. 

As NewsBTC reported, the sentiment in the legacy financial market was bullish and robust, and it supported a 12% BTC rally. The sentiment in this sector was strong enough to drive the BTC price upwards in a hostile environment. 

The second largest crypto exchange in the world, FTX, collapsed. This event triggered a new capitulation event in the crypto market, pushing BTC to fresh lows. However, equities trending to the upside reverted the losses on the nascent asset class. 

The bullish momentum is fading as the FTX debacle impacted crypto investors’ confidence in the nascent asset class. Analyst Ali Martinez shared recent data about Bitcoin whales. These investors are selling into the current BTC price action. Martinez said: 

Bitcoin around 33 whales holding 1,000 to 100,000 $BTC have left the network, and these whales sold or redistributed around 20,000 $BTC in the last 96 hours.

Bitcoin BTC BTCUSDT Chart 1
BTC Whales dumping into the current price action. Source: Santiment via Ali Martinez on Twitter

The selling increased due to strong economic growth in the United States. The Fed has more room to continue with its tightening policy if the economy is resilient. 

Additional data from analytics firm Jarvis Labs indicates that $16,550 and $19,150 are critical. As uncertainty endures, leverage players take positions to benefit from a potential breakout. 

These positions add liquidity below and above the Bitcoin price. The chart below shows that these levels hold the most extensive liquidity pools. Thus, if the market taps into them, whales can drive the price in a particular direction. 

Bitcoin BTC BTCUSDT Chart 3
BTC’s price with massive liquidity pools at $16,550 and $19,150. Source: Jarvis Labs via Twitter

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Solana

Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL?

2 years ago

For example, BTC whale can continue selling to tap the liquidity of around $16,550; this move will take out most of the leverage positions. Then, the price can attempt to take the upside liquidity at approximately $19,150. 

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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