Whale Bitcoin is dumping again as BTC price is stuck at $116,000

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A long-time Bitcoin whale, who sold about 4 billion dollars worth of BTC for ETH at the end of August (~35.991 BTC), is now continuing to offload as the price of Bitcoin hovers around 116,000 dollars. Two wallets associated with the address that has held Bitcoin for over eight years have transferred 1,176 BTC (≈136 million dollars) to the Hyperliquid exchange for sale.

After the previous swap of BTC to ETH, if this whale exchanges ETH back to BTC right now, it will incur a loss of nearly 460 BTC (~53 million dollars) due to the unfavorable ETH/BTC rate. Meanwhile, Bitcoin is facing strong resistance at the level of 116,000 dollars, a price that appeared about three weeks ago. At the same time, some other long-term whale wallets have also started to become active, including a wallet that has been silent for nearly 13 years, indicating an increasing trend of long-term holders shifting during the accumulation phase.

BTC-0.65%
ETH-2.33%
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