Bitcoin Drops Below $111,000 After Whale Sells 24,000 BTC
Bitcoin (BTC) dropped below $111,000 after a whale sold 24,000 BTC, valued over $300 million, during illiquid market conditions. The price fell from $114,666 to $112,546 within ten minutes. The whale transferred 12,000 BTC recently and still holds 152,874 BTC across various addresses.
The drop reversed gains made following Fed Chair Jerome Powell's dovish speech, which had boosted BTC nearly 4% from $112,500 to $116,900. Analysts expect a rate cut in September, potentially driving new all-time highs for BTC and Ether.
Options data indicates ongoing risk aversion among traders. The 25-delta risk reversals are negative, suggesting that put options are more expensive than call options, reflecting a bearish sentiment despite recent market optimism.
