Seasoned Bitcoin holders may be one reason for the current slow price changes in Bitcoin. Bitcoin expert Willy Woo pointed out that absorbing each Bitcoin they sell requires over $110,000 in new capital.
Willy Woo stated on social media X, "The supply of Bitcoin has been concentrated in the hands of old whales who reached their holding peak in 2011, with their purchase price being below $10."
Jia Shi Analysis reported that Bitcoin's market value plummeted by $45 billion on Sunday, attributed to a seasoned Bitcoin whale converting $2 billion worth of Bitcoin into Ethereum.
Bitcoin price briefly plummets
In just 9 minutes, Bitcoin plummeted from $114,666 to $112,174. Ethereum also dropped 4% during this period, but both recovered some of their losses afterward.
Analysts pointed out that a whale made a profit of $185 million by transferring Bitcoin to the decentralized platform Hyperliquid and ultimately converting it into Ethereum, clearly indicating that this operation is part of a long-term strategy.
Ongoing market impact
This whale also holds a large amount of Bitcoin and is exchanging it for ETH, which is expected to be part of a long-term plan. Meanwhile, another giant whale made a similar conversion, selling Bitcoin to hold Ethereum.
