Bitcoin News Today: Bitcoin Whale's $2.7B Move Shakes Crypto, Sparks ETH Rush

A massive Bitcoin whale has sparked significant market volatility with the sale of 24,000 BTC, valued at approximately $2.7 billion, triggering a rapid price decline and widespread liquidations across crypto markets. The move, first uncovered by onchain analyst Sani and attributed to a long-dormant wallet active since 2019, caused Bitcoin’s price to drop nearly $4,000 in minutes, reaching a low of $112,174. The sale also marked the beginning of a strategic rotation of capital from Bitcoin into Ethereum, with over 12,000 BTC transferred to Hyperunite trading platforms alone on the weekend of the transaction [2].

The impact on the market was immediate and severe. Over $623 million in leveraged long positions were liquidated, primarily due to over-leveraged traders facing margin calls in a thin weekend liquidity environment. The rapid sell-off led to Bitcoin’s price slipping below $113,000, a critical psychological support level. Despite this, Bitcoin managed to recover slightly in the following hours, stabilizing near $113,000 by the early hours of Monday [3].

The whale’s actions also highlighted the interconnectedness of the crypto market. As the entity sold off its BTC holdings, it simultaneously began buying Ethereum, accumulating over 416,598 ETH in the process. Of that amount, 275,500 ETH has already been staked, representing $1.3 billion in value. Analysts attribute this rotation to a mix of strategic positioning and market opportunity, with the whale leveraging ETH’s recent momentum and institutional interest to maximize returns [2].

The move has sparked broader market discussions about Bitcoin’s supply dynamics and the role of large holders in price movements. Prominent onchain analyst Willy Woo noted that the majority of BTC supply is controlled by long-term whales who accumulated during the 2011 cycle. These whales, having bought BTC at sub-$10 prices, require significant capital inflows to absorb each BTC they sell, thus affecting market dynamics. According to crypto analyst Vijay Boyapati, this kind of monetization is a natural part of the Bitcoin cycle and indicates a healthy reallocation of value [2].

Ethereum, on the other hand, continued its upward trajectory despite the Bitcoin-induced turbulence. ETH hit a new four-year high of $4,945.60 on August 24, driven by institutional interest, ETF inflows, and the continued adoption of Ethereum’s programmable blockchain. The growing dominance of Ethereum in the crypto market—now approaching 20%—has been attributed to its role in smart contracts and decentralized finance (DeFi), further distinguishing it from Bitcoin’s store-of-value proposition [4].

Industry experts remain cautiously optimistic about Bitcoin’s resilience. While the flash crash and liquidations were significant, they were largely attributed to the actions of a single whale rather than a broader bearish trend. WhaleWire CEO Jacob King noted that such concentrated selling by large holders can distort short-term price action, especially during weekends when trading activity is lower. However, he emphasized that the long-term fundamentals of Bitcoin remain intact [3]. As the market digests this event, analysts are closely monitoring whether Bitcoin can regain its footing above $113,500 and whether Ethereum’s continued outperformance signals a broader reallocation within the crypto asset class [4].

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