• Whales move over 1,500 BTC back to exchanges, reflecting a $30.54M loss and raising concerns about potential market volatility.
  • Fresh whale activity sees 4,600 BTC withdrawn from Bitfinex, suggesting strategic accumulation during a market dip.
  • Bitcoin liquidations hit $42M as prices drop, with long traders suffering 94% of the losses, signaling shaky market conditions.

Bitcoin whales have been making moves, with large transactions highlighting potential shifts in market sentiment. In the past 30 hours, a whale entity deposited 1,500 BTC, worth $92.95M, back into an exchange. This move comes after withdrawing 8,510 BTC from Bitfinex earlier in June and August. 

These whales accumulated their BTC at an average price of $64,434 but have started selling at a lower price of $61,965, reflecting a potential $30.54M loss. Their wallets still hold 7,010 BTC, valued at $424.6M.

The entity of 4 fresh whales that withdrew 8,510 $BTC from Bitfinex in June and August has deposited 1,500 $BTC ($92.95M) back to the CEX in the last 30 hours!

Their average accumulating price was $64,434, but their unloading price is only $61,965. At current prices, the whales… https://t.co/oUBqVuIAs6 pic.twitter.com/znpKQrKwri

— Spot On Chain (@spotonchain) October 10, 2024

Whale Accumulation Points to Potential Institutional Activity

Besides this, another whale, identified as “bc1qh,” withdrew 4,600 BTC ($291M) from Bitfinex within the last 8 hours. This accumulation occurred at a price of $63,209, suggesting a strategic move to buy during a market dip. 

Moreover, since June 12, three other whales—likely connected to “bc1qh”—have withdrawn 3,910 BTC ($257M) from Bitfinex , with their most recent transaction happening only three days ago. This steady withdrawal pattern raises questions about possible institutional involvement in accumulating Bitcoin.

Technical Indicators Show Market Challenges

On the technical side, Bitcoin’s price action has followed a trend between key Fibonacci retracement levels. Initially, Bitcoin experienced an upward trend, peaking at $63,741, which aligns with the 0.382 retracement level. 

Whale Moves: BTC Deposits Spark Concerns Over Market Volatility image 0 Whale Moves: BTC Deposits Spark Concerns Over Market Volatility image 1

Source: BingX

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However, the price dropped, finding support at the 0.786 Fibonacci level of $60,947. Below this, a crucial support zone lies at $57,407, corresponding to the 1.1272 extension. Moreover, Accumulation/Distribution (Acc/Dist) data suggests mixed buying and selling pressures in the market.

Market Liquidations Impact Traders

These whale movements have influenced traders. Coinglass data shows that over $42 million in long and short positions were liquidated as Bitcoin dropped into the $60K zone. Notably, $40 million of these liquidated positions were long bets, reflecting traders’ expectations for a continuous upward trend. However, the market turned against them, leading to sharp losses.

Whale movements and technical indicators point to a volatile Bitcoin market . As new players emerge, it remains to be seen how this will impact prices and market sentiment soon.

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