NewsBTC
16 hour ago
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Bitcoin Drops Below $90K Amid Record Whale Transactions

Bitcoin's price dropped below $90,000 for the first time in seven months. This coincided with a surge in large transactions:

  • 102,000+ transactions over $100,000
  • 29,000+ transactions over $1 million

Whale Activity vs. Small Holders

  • The number of addresses holding at least 1,000 BTC increased by 2.2% to 1,384.
  • Wallets with one BTC or less decreased to about 977,420.
  • This suggests larger buyers are active, while smaller holders reduce their positions.

Market Reactions

  • Some traders view big transfers as buying opportunities, others see forced selling by leveraged accounts.
  • Market sentiment is negative, with the Crypto Fear & Greed Index at "extreme fear" (near 11).
  • The STH Realized Profit-Loss Ratio indicates recent buyers may be facing losses.

Potential Outcomes

  • If large transfers are moving off exchanges, it suggests accumulation and could stabilize prices.
  • If moving onto exchanges, it might indicate distribution and potential further price drops.
  • The situation presents short-term volatility, depending on whether more forced sellers appear.

Overall, the market is experiencing significant shifts, with larger players taking advantage of lower prices amid reduced retail participation.