Bitcoin Faces Selloff Risk After OG Whale Dump and Hot CPI Expectations
A Satoshi era Bitcoin whale has sold 40,000 $BTC for the first time in over ten years, triggering fears in the crypto market. The whale moved BTC to Galaxy Digital via OTC deals, then those coins were sent to exchanges like Bybit and Binance. In total, over $2 billion worth of BTC was sold, with the remaining balance also liquidated.
Additional Whales Join the Selloff
Other whales followed suit. Whale “0x960B” flipped short on BTC, sitting on $228K in unrealized profits. Glassnode reported over $3.5 billion in realized profits, including $1.96B from long-term holders and $1.54B from short-term ones. This shows growing pressure from profit-taking behavior.
US CPI Data Expected to Come in Hot
The crypto market is also watching the June CPI report, which is expected to show a rise to 2.7% YoY, up from 2.4% last month. Core CPI is also forecasted to rise to 3%. If these inflation numbers are confirmed, they could delay Fed rate cuts expected in September.
Bitcoin Price Drops Amid Selling and CPI Worries
Bitcoin’s price dropped below $117K, with a 24-hour low of $116,373, down from its recent ATH above $123K. BTC futures open interest dropped by 2%, signaling bearish sentiment, especially on CME and Binance where futures OI also declined more than 2% each.
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