The value of Bitcoin dropped by about 2.2% in minutes, resulting in a loss of 45 billion dollars in value after one whale sold large amounts to buy Ethereum.
The whale sold 18,142 Bitcoin for two billion dollars, exchanging most of it for 416,598 Ethereum, and wagered over 1.3 billion dollars worth of Ethereum for long-term plans.
Analysts indicate that whales still hold massive reserves of Bitcoin, while more major players are shifting to Ethereum, which has risen by 220% since April.
Bitcoin took a heavy hit on Sunday, dropping nearly 2.2% in just nine minutes, from $114,666 to $112,174, resulting in a loss of $45 billion from its market value. Cryptocurrency traders on platform X are pointing fingers at one of the major Bitcoin holders, known as whales, who sold a massive amount of Bitcoin to buy Ethereum, causing a wave of volatility in the market.
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Analyst Willy Woo says that old Bitcoin whales, who bought at a low price years ago, are making it difficult for prices to rise without a significant influx of new money.
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Massive sell-offs by the whale
According to Blockchain.com, this whale transferred 24,000 Bitcoin, worth 2.7 billion dollars, to the Hyperliquid platform over nine days starting from August 16, where it sold 18,142 Bitcoin for about two billion dollars, exchanging most of it for 416,598 Ethereum.
Crypto analyst MLM says the whale also holds 135,263 Ethereum in long-term buy positions, worth over 2.6 billion dollars, achieving profits of 185 million dollars thanks to outperforming other traders. The whale wagered 275,500 Ethereum, roughly 1.3 billion dollars, hinting at a long-term plan.
The whale's sale triggered a wave of sell orders, especially after traders realized its strategy, leading to the sudden crash. The price of Ethereum also dropped by 4% from $4,937 to $4,738 during the same period, although both currencies later regained some of their value.