Over 70,000 BTC Distributed by Whales Amid Bitcoin’s Price Crash: Data
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Bitcoin fell to a 19-month low in early June after large investors (whales) sharply reduced holdings, and although BTC recovered some ground last week, June remains deeply in the red following a painful first week for bulls. The whale-driven sell-off raises concentrated-holder and liquidity risk for crypto markets, weighing on price action across CEX and DEX venues and posing downside risk to adoption and token performance.
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Although BTC managed to recover some ground in the past week, June remains deep in the red so far, as its first week was particularly painful for the bulls.
One of the reasons behind the asset’s crash to a 19-month low was that large investors, typically referred to as whales, had decreased their holdings by a whopping amount.
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