Close Menu
ADVERTISE

‘Insider’ Whale Moves $588M in Bitcoin, Sparking BTC Drop Fears

Bitcoin By
Where Did Bitcoin’s Retail Go? Look Offchain
Where Did Bitcoin’s Retail Go? Look Offchain

Takeaways:

  • Bitcoin could reach $100,000 if it breaks a critical support level in a bear’s flag.

  • This is the so-called “insider” The whale exchanged 5,252 BTC (or $588 million), and created a short of $234 millions.

BitcoinBTCThe price of Bitcoin (BTC) shows signs that it is losing technical strength. It has fallen below the key support level for short term, and this coincides with a large transfer of BTC from an alleged “dark pool”. “insider” The major currency exchanges.

BTC Prices Below $100,000 Targeted by Bear Flag Setup

BTC/USDT’s 4-hour chart shows Bitcoin falling below the lower trendline. bear flagThis pattern is often a sign of further downward movement after a period of consolidation.

BTC/USDT four-hour chart. TradingView

According to the breakdown of the patterns, the projected target is around $98,000. This corresponds with the swing low in mid-June.

BTC is also trading below the 20-hour (green) and 100-4H (red), exponential moving averages. This aligns with $109,000-110,000 as a resistance zone. If this support area is not reclaimed, the setup could be further confirmed as bearish.

The mysterious whale makes more bets on Bitcoin falling

Bitcoin bear flag is a new setup that has emerged against a backdrop of increased activity of infamous whales accused of price manipulation.

The same company pocketed more than $200 million by shorting Bitcoin two weeks back during the China Tariff Crash. The so-called “China tariff crash” two weeks ago was caused by a group that made over $200 million shorting Bitcoin. “insider” Whales “$10B Hyperunit Whale” Has re-emerged with multiple massive bets on the bears.

Arkham has reported that it transferred 5252 BTC worth $588,000,000 to exchanges such as Binance, Kraken and Coinbase. data.

Bitcoin Price, Bitcoin Analysis, Markets, Tech Analysis, Market Analysis
Source: Arkham

These large inflows are often indicative of the intent to hedge or sell positions.

Hyperliquid’s short position is now $234 million. opened Near $111,190 BTC is sitting on approximately $6.7 millions in unrealized profits, indicating that the downward trend has more to come.

Source: Hypurrscan.IO

Researchers CryptoNobler Call the Whale Move “pure manipulation,” It is possible that it will intentionally sell his Bitcoin in the hopes of a price drop towards its short-position targets.

Although the true identity of whale is still unknown, blockchain detectives have been able to determine its location. linked the wallet to Garrett JinThe former CEO and founder of BitForex, the now defunct stock exchange.

Jin admitted the link in posts that have since been deleted after a dispute with Binance CEO CZ. He later claimed the fund belonged to his clients, not him.

Related: 3 reasons why a Bitcoin rally to $125K could be delayed

Crypto analyst Quinten François has voiced Skepticism regarding the linkage between BitForex’s ex-CEO and the Hyperliquid whale, with some suggesting that the link might not be genuine “too neat to be credible” The circumstantial nature is the best evidence.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.