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Bitcoin Whales Taking Profits? BTC Price Tumbles Toward $70K

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Bitcoin Whales Taking Profits? BTC Price Tumbles Toward $70K

Bitcoin (BTC) whales have been busy this week taking profits, or at least it appears so. According to on-chain tracker Lookonchain, one wealthy trader made a profit of $217 million on BTC after selling a large amount of BTC on Binance.

The whale in question had accumulated and held BTC for several months, specifically since August 2023. As BTC’s price exploded above $40K in January, he sold 4,300 BTC on Binance at an average price of $43K —netting approximately $183M in profits.

That same whale sold 100 BTC on Wednesday, leaving 4.3K BTC ($313M) at his disposal. Users on Crypto Twitter could only speculate about the whale’s next move.

With Bitcoin reaching new heights this week and topping $73K, it wouldn’t be surprising if the whale sells another portion of his BTC stash.

That’s because multiple whales were spotted sending thousands of BTC to crypto exchanges, as reported by blockchain tracker Whale Alert.

On Wednesday, Whale Alert reported that several addresses from whales have moved a combined 7K BTC, or over $500M, to exchanges. The largest transaction amounted to 3,001 BTC ($217M) deposited to Coinbase.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,001 #BTC (217,488,373 USD) transferred from unknown wallet to #Coinbase

— Whale Alert (@whale_alert) March 13, 2024

Bitcoin’s Price Drops to $70K

At the time of this writing, Bitcoin’s price lost some 3.4% in the past 24 hours, trading closer to $70K. This has reduced its gains for the week to around 4%.

Other cryptocurrencies also followed suite. Ethereum is down 3.6% and trades toward $3.8K. Solana, on the other hand, continues trending upward. SOL soared by 5% in the past day and is up 12% on the week.

Data from CoinGlass reveals that the total number of liquidations in the past 24 hours is around $300 million, with $210M of them being long positions – as expected.