New Bitcoin Whales Lost 228 Million Dollars: Selling Pressure Increases as Volatility Rises

Since mid-June, there have been sharp fluctuations in the cryptocurrency market, and new Bitcoin whales are facing losses exceeding a total of $228 million. This situation triggers panic selling in the market, increasing volatility.

Especially the price spikes on June 17 and 22 revealed that new investors quickly withdrew from the market in the face of geopolitical uncertainties and remained weak at resistance levels around $110,000.

How Do Bitcoin Whales Affect Price Fluctuations?

Since mid-June, Bitcoin has been exhibiting volatile behavior. The price rose from the $107,000 level, briefly surpassing $110,000, then fell below $100,000. This volatility is closely related to the behaviors of large investors (new whales) entering the market.

According to the report by CryptoQuant analyst JA Maartunn, new whales lost about $228 million between June 14-22. Especially on June 17, there was a loss of $95 million in a single day. Of this amount, about $85 million belongs to new whales, while only $8.2 million belongs to old, experienced whales.

In the loss of $51 million observed on June 22, the damage was distributed more evenly. This shows that both new and old whales contributed to selling pressure. New investors are behaving more sensitively to both geopolitical developments and technical resistance points, making price movements even more volatile.

Exchange Whale Ratio: Indicator of Selling Pressure

According to CryptoQuant's "Exchange Whale Ratio" data, a significant increase in the amount of assets transferred by whales to exchanges was observed throughout June. This ratio is generally seen as an indicator of large-scale sales.

Especially as Bitcoin approached the $110,000 level, this ratio significantly increased, indicating that selling pressure was rising. When the Bitcoin price fell below $102,000, the ratio briefly relaxed, but when it recovered towards $105,900, it rose again. This shows that whales are actively evaluating selling opportunities and continue to exert pressure on the market.

Geopolitical Uncertainty Affects the Market

Geopolitical developments also have a significant impact on volatility in Bitcoin. Events such as the tension between Israel and Iran and the subsequent ceasefire particularly heighten the sensitivity of new whales. These investors can quickly react to negative news flow by selling, which triggers margin calls for leveraged investors and increases downward pressure.

This process makes it difficult for Bitcoin to achieve a stable rise above $111,000.

What is needed for market stabilization?

Analysts point out that for Bitcoin to continue its upward movement, selling pressure from whales needs to decrease. In particular, a decrease in whale transfers to exchanges and a reduction in realized losses could be important signals that market confidence is being rebuilt.

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