Skip to content
- Bitcoin whale triggers $2B sell-off, shaking entire crypto market.
- Ethereum gains strength as $1.3B staked after Bitcoin dump.
- Solana targets $300 as altcoin season heats up again.
A Bitcoin whale rattled the crypto market after selling more than 24,000 BTC valued at nearly $2 billion. According to analyst Ali Martinez, these coins had remained dormant for over five years before being moved and liquidated.
The intense selling triggered a flash crash that wiped out $310 million in long positions in a matter of hours. On the Hyperunite platform, more than 12,000 BTC were sold during one session, which put significant downward pressure on the market.
https://twitter.com/cryptodylnews/status/1959751700379541807
Reports indicate that 18,000 BTC worth $2 billion and 6,000 BTC worth $670 million have already been sold, with the remaining being on line to be liquidated. The massive sell-off has left Bitcoin in a bid to sustain vital support levels.
Also Read: Ripple Victory Fuels XRP ETF Frenzy as Asset Managers Rush to Win SEC Nod
Whale Rotation Boosts Ethereum’s Strength
The whale did not sell all the money out but instead moved the majority of funds to Ethereum. The approximate amount of ETH bought was $2 billion, $1.3 billion of which was immediately staked. This rotation not only softened Ethereum but also boosted the spirits of investors.
Ethereum is trading at $4,723.13, and it recorded a 1.36 percent gain last week. Its performance relieved the wider market, which was experiencing a decline in the global crypto market cap, which had dropped to $3.93 trillion as Bitcoin succumbed.
By reallocating liquidity, the whale ensured that Ethereum would continue to experience good momentum, and losses in the crypto industry would not be as steep.
Bitcoin Under Pressure as Altcoins Advance
Martinez emphasized that Bitcoin must hold above $112,000 to prevent a steeper downturn. The above level has been supportive throughout August, and it is, therefore, important for maintaining stability.
https://twitter.com/ali_charts/status/1959806687516250528
If the support zone holds, Bitcoin may rebound to $118,000 and even test $120,000. A drop below the $112,000 mark, however, could result in even greater falls and a faster rotation out of the cryptocurrency and into altcoins.
In the meantime, Bitcoin’s dominance fell significantly to almost 50 percent. The migration enabled Ethereum and Solana to attract more inflows. Solana has broken through its resistance and is currently aiming at the $280 to $300 zone.
Analysts feel that the current capital shift can trigger the second run of the altcoin season. Consolidation in Bitcoin may make a more substantial rally among top tokens possible.
The $2 billion Bitcoin dump caused great losses, but it strengthened Ethereum’s dominance with $1.3 billion staked. Bitcoin’s ability to protect its support remains vital, while altcoins continue to attract capital from investors seeking fresh momentum.
Also Read: Whales Move $50M XRP to Coinbase as Ripple’s SEC Case Officially Closes
