Bitcoin News Today: Bitcoin Whales' Secret Weapon: Shifting Fortunes to Ethereum

A significant Bitcoin whale dump over the weekend sent shockwaves through the cryptocurrency market, triggering a flash crash that pushed BTC below the key $112,700 support level. On Sunday, a large holder transferred 24,000 BTC—valued at around $2.7 billion—to the Hyperunite trading platform, according to on-chain analyst Sani. The coins had been dormant for over five years before being liquidated in a single transaction. This move led to a sharp drop in BTC’s price, with the token falling to as low as $110,671 before partially recovering. The sudden sale wiped out between $294 million and $310 million in Bitcoin long positions within an hour, with over 130,000 traders across all digital-asset markets liquidated on the day, according to on-chain data [2].

The whale dump coincided with broader selling pressure from other large holders. Crypto analyst MLM reported that another entity sold 18,142 BTC worth $2.04 billion, with the majority of the proceeds reinvested into Ethereum. These Ethereum purchases totalled 416,598 ETH, with 275,500 ETH—worth $1.3 billion—subsequently staked, indicating a strategic shift in asset allocation from Bitcoin to Ethereum. Additionally, a separate whale sold 670 BTC, or $76 million, to open a long position in ETH, further highlighting the growing diversification of large holders' portfolios [1].

The impact of these sales was amplified by market sentiment and leverage. Jacob King, CEO of WhaleWire, noted that the initial whale’s sale triggered a panic cascade, as other traders rushed to sell as well, compounding the downward pressure on BTC. The move underscored the outsized influence that large holders can have on the cryptocurrency market, particularly in times of heightened liquidity and derivatives participation. According to Willy Woo, a prominent Bitcoiner, the slow pace of price appreciation in this cycle is largely due to the concentration of supply among long-term whales who acquired BTC at much lower prices, requiring substantial new capital to absorb each unit sold [1].

Technical indicators offered mixed signals in the aftermath of the crash. The RSI-7 indicator stood at 40.72, suggesting oversold conditions but no clear reversal yet. While some analysts remained cautiously optimistic, others warned that the price could still fall further if key support levels failed to hold. Alex Krüger, founder of Aike Capital, noted that a recovery above $113,500–$114,000 could signal renewed bullish momentum. Meanwhile, Vijay Boyapati described the current cycle as one of the greatest monetization events in history, emphasizing that whale selling is a necessary step for the full realization of Bitcoin’s value potential [1].

Looking ahead, market participants are closely monitoring the behavior of large holders and broader macroeconomic indicators. The Bitcoin price currently hovers around $112,300, with technical indicators such as the symmetrical triangle formation suggesting the potential for a continued upward trend if the key resistance levels are overcome. Analysts also noted the importance of institutional flows, macroeconomic developments, and the upcoming Bitcoin halving in shaping the asset’s trajectory. Elon Musk’s continued advocacy and the integration of BTC into DeFi protocols like Binance’s USDT yield farming program further reinforce the long-term bullish narrative [3].

Source: [1] Bitcoin Whale Sells 24,000 BTC Triggering Flash Crash, Still Holds Over $17B Worth BTC (https://finance.yahoo.com/news/bitcoin-whale-sells-24-000-061435431.html) [2] Whale Dump Sends Bitcoin to $110671, Erases $3 Billion (https://thedefiant.io/news/markets/whale-dump-sends-bitcoin-to-110671-erases-3-billion-open-interest-0c898063) [3] Bitcoin Eyes $120K Surge After $112K Rebound (https://bravenewcoin.com/insights/bitcoin-btc-price-prediction-bitcoin-eyes-120k-surge-after-112k-rebound)