9-Year-Dormant Whale Moves 2,071.5 BTC as Bitcoin Price Drops Below $29,000, $300 Million in Liquidations

According to data from Coinglass, Bitcoin (BTC) fell below two psychological price barriers — $30,000 and $29,000 — in the past 24 hours, resulting in $66.14 million worth of long position liquidations.

In the broader cryptocurrency market, liquidations totaled $300.1 million over the past 24 hours.

Source: Coinglass

Most liquidations happen on OKX, Binance and ByBit. Three exchanges accounted for more than 80% of all liquidations – 89% of which were long positions. Other exchanges such as Huobi, CoinEx, and Bitmex also saw huge liquidations.

According to data from Coinglass, 88,379 traders were liquidated — the most significant liquidation being Binance’s $3.92 million LTC-USDT long position.

Other liquidated assets included ethereum (ETH) and litecoin (LTC) — $69.09 million and $12.2 million, respectively. Others such as Dogecoin (DOGE) liquidated $12.49 million, while Solana (SOL), Arbitrum (ARB) and XRP liquidated less than $10 million each.

Bitcoin falls below $29,000

Over the past 24 hours, the leading digital asset has dropped to as low as $28,882 at press time.

Source: TradingView

During this period, Bitcoin saw an inflow of $28.3 million. Glassnode data shows that while $775.6 million in bitcoin was sent to crypto exchanges during the reporting period, investors withdrew $747.3 million as bears took over the market.

whale wake up

A Bitcoin wallet that has been dormant for over 9 years recently sent 2,071.5 BTC (worth over $60 million).

The address received a total of 6,071.5 BTC in late 2013, when the cryptocurrency’s price was hovering around $663.

Lookonchain revealed that the mysterious whale transferred the assets on April 20 after the wallet “hibernated” for 9 years and 4 months.

The whale owns 6,071.5 BTC ($178 million) and has transferred 2,071.5 BTC ($60.7 million) to addresses starting with “bc1q” today.

On December 19th (the date the wallet initially received the funds), the full value of the 6,071.5 BTC was approximately $4 million. Currently, they are worth about $176 million.


Bitcoin Magazine

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img