Bitcoin Drops 30% This Month — A Whale Move Raises Questions

Bitcoin (BTC) has extended its downward trend, declining over 30% this month, driven primarily by the broader bear market. However, emerging on-chain signals indicate that concentrated whale activity might be exacerbating the drop. Blockchain analytics firm Lookonchain reported that a specific whale wallet (3NVeXm) has been depositing significant amounts of BTC into Binance, coinciding with price drops, including a 5,000 BTC transfer on February 11th and another 2,800 BTC transfer recently. Large exchange inflows often signal potential selling pressure. This price action occurs amidst significant market stress, evidenced by realized losses surging to $2.3 billion, one of the largest capitulation events recorded, largely driven by short-term holders selling at a loss. While past extreme loss spikes have triggered rebounds, analysts caution this could still be the start of a prolonged bleed-out, noting that Bitcoin remains above its realized price level of $55,000, which historically marks bear market bottoms.

(Source：BeInCrypto)