Bitcoin briefly fell below $ 108,000 on August 30, marking its weakest level since the beginning of July. The measure occurred when market observers tracked a strong sales pressure of a whale wallet that had been inactive for years.
Several analysts in the chain noticed that the direction of whales suddenly began to change large amounts of BTC, which raises concern among merchants.
Bitcoin slides when the inactive whale changes billions to Ethereum
On August 29, Blockchain Arkham Intelligence analysis reported that an entity that controls more than $ 5 billion in Bitcoin was transferring it to Ethereum.
According to the firm, the whale moved around $ 1.1 billion in the asset to a new address before starting a purchase wave of Ethereum.
In particular, Arkham said the whale had already accumulated approximately $ 2.5 billion in ETH last week.
Lookonchain, another blockchain analysis firm, reported that the whale had changed 4,000 BTC, Nworth more than $ 430 million, in the early hyperliquid on early Saturday. The movement added weight to the speculation that the whale was actively turning in ETH.
Meanwhile, the aggressive repositioning of the whale spread rapidly through the broader market.
According to Beinypto’s data, Bitcoin threw around 2% in 24 hours, sliding below $ 108,000, while Ethereum won an almost identical percentage on the same window.
Cryptographic merchants who speculate on these assets prices also absorbed large losses.
The caramel data showed total liquidations in cryptographic assets that exceed $ 400 million in a single day. The long positions of Ethereum were more affected, with $ 133 million eliminated, while their Bitcoin counterparts lost $ 109 million.
Given this, Julio Moreno, Chief of Research of Cryptoquant, warned that Bitcoin needs to recover the $ 112,000 mark to avoid deeper losses quickly. He projected that BTC could prove the support closer to $ 100,000 if the impulse does not return.
Moreno also pointed out the meters of feelings that remain firmly negative. The firm’s bull score index fell to 20 earlier this week and has been there since then, a reading that indicates an “extreme bassist” environment.
So, until these metrics improve, analysts expect volatility to remain high.
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