Bitcoin Flash Crash: Billions Shift from BTC to ETH as Whales Rotate
14:15 ▪ 6 min read
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Bitcoin (BTC)
Bitcoin (BTC) has witnessed increased price volatility in recent days, a trend that has raised several questions among market observers. Some cryptocurrency commentators believe that the recent uneven movement of the asset is due to the activities of early BTC investors, often referred to as 'OG whales'.
In Summary
Bitcoin dropped 2.2% in 9 minutes, wiping out $45 billion in value during a sudden flash crash driven by a whale.
One whale sold over $2 billion in BTC, buying 416K ETH and reshaping market sentiment with aggressive capital rotation.
The whale bet 275K ETH and opened massive perpetual longs, netting $185M in profits.
Despite the large movements, the whale still controls 152,874 BTC, keeping traders alert for more volatility.
Whale Rotations Trigger a Sudden Bitcoin Sell-off
During Sunday’s trading session, Bitcoin experienced a sharp drop of more than 2% in under 10 minutes, capturing the attention of cryptocurrency traders on X. Bitcoin commentator Willy Woo attributed the slow movement of the coin to on-chain actions of OG whales.
For context, these OG whales are large addresses that accumulated Bitcoin at $10 or less during the 2011 market cycle. Woo explained that it takes more than $110,000 in new capital to offset each Bitcoin sold by the old wallets.
