Whale Sell-Off Erupts, Warning of Countdown to Bitcoin’s Drop Below $60,000

▲ Bitcoin market plunge

A massive Bitcoin (BTC) whale has deposited over $100 million worth of holdings into Binance, the world’s largest cryptocurrency exchange, sparking fears of a looming large-scale sell-off in the market.

According to BeInCrypto on February 13 (local time), an anonymous Bitcoin whale transferred thousands of BTC to Binance, amplifying market volatility. Blockchain analytics firm Lookonchain reported that the whale made significant deposits this week alone, including 5,000 BTC on February 11, followed by an additional 2,800 BTC sent to the exchange on the same day. Analysts cautioned that such large inflows are typically interpreted as a precursor to asset liquidation.

The timing of the whale’s deposits has coincided ominously with Bitcoin’s price decline, heightening investor anxiety. Lookonchain noted a pattern in which Bitcoin prices tend to drop sharply whenever the whale transfers funds to exchanges, adding that the price fell more than 3% immediately after the most recent deposit. The whale still holds 166.5 BTC, valued at over $11 million, leaving open the possibility of further selling pressure.

The broader Bitcoin market has entered a bearish phase, posting a record decline of more than 30% over the past month. Realized losses confirmed by market participants have reached $2.3 billion, marking one of the largest capitulation events in Bitcoin’s history, ranking between third and fifth. In particular, short-term holders who purchased Bitcoin between $80,000 and $110,000 have been accelerating the downturn by offloading their holdings amid mounting losses.

While some optimists anticipate a technical rebound following extreme losses, experts remain cautious. Analysts at Santiment warned that Bitcoin could decline further toward its realized price of $55,000, and based on historical patterns, the market could form a bottom 24% to 30% below that level. This suggests the possibility of Bitcoin falling below $40,000.

The Bitcoin market remains highly fragile as aggressive whale selling converges with retail investor panic selling. Whether key support levels hold and whether whales continue to move assets will likely serve as decisive factors in determining the market’s long-term direction.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any losses incurred based on this information. The content should be interpreted solely for informational purposes.