Panic Hits Crypto: OG Whales Dump $41B in Bitcoin — Is $70K Next?
Long-term Bitcoin holders dumped $41.6 billion, accelerating a price decline below $100,000 amid mining stress and regulatory uncertainty.Summary
Bitcoin experienced a sharp decline, pushing the cryptocurrency below $100,000 for the first time since June, driven significantly by long-term holders who liquidated $41.6 billion in assets. This exodus included over $1 billion sold by 'ancient' wallets, signaling severe market stress, which also saw over $1.3 billion in positions liquidated in 24 hours. Adding to market pressure, Bitcoin miners are facing record-low profitability due to high electricity costs and network difficulty, forcing them to sell $172 million in BTC. Market sentiment is further complicated by macroeconomic uncertainties, including the longest government shutdown in history. While some contrarian investors, like Andrew Tate, bought the dip, technical analysts are watching support levels closely; a failure below $100,000 could lead to tests near $94,000, with some credible forecasts suggesting a potential pullback toward the $70,000-$75,000 range if selling pressure continues.
(Source：BeInCrypto)