Bitcoin Corrects Over 10% Amid Sell-Off by Major Investors
Bitcoin (BTC) has retraced over 10% from its all-time highs exceeding $124,000. Despite this correction, optimism remains about its future performance.
Key Points
- David Bailey, CEO of Bitcoin Magazine, attributes price fluctuations to large investors, or "whales."
- Two whales reportedly liquidated 80,000 and 120,000 BTC, causing recent sell-offs.
- Binance may be involved in orchestrating the sell-off using a market maker to profit from futures market liquidations.
- A whale with over $5 billion in Bitcoin began purchasing Ethereum (ETH), transferring $1.1 billion in BTC for this purpose.
- Bailey suggested that once sell-offs conclude, Bitcoin could regain momentum, targeting $150,000, a 36% increase from current levels.
- Public companies now hold over 6% of Bitcoin’s total supply, contributing to reduced volatility and potentially making BTC more appealing to investors.
- In July, public companies accounted for nearly two-thirds of major Bitcoin purchases.
Currently, Bitcoin trades at $110,900, reflecting a 2% rise in the last 24 hours and a 90% increase year-to-date.
