Whale Sells $760 Million in Bitcoin, Sparking Fears of Market Sell-Off

▲ Bitcoin (BTC), Bear Market / AI-Generated Image

As massive deposits worth $760 million were transferred to exchanges by Bitcoin whale Garett Jin, fears of a market-wide sell-off are spreading. At the same time, concerns are mounting that new tariff policies under the Trump administration could once again plunge the virtual asset market into a sharp downturn.

According to crypto-focused outlet CoinGape on February 21 (local time), trader Garett Jin, widely known by the nickname “Garett Bullish,” recently transferred a total of 11,000 BTC to Binance in two separate transactions. Data from Lookonchain shows that Jin first deposited 6,318 BTC worth approximately $425 million, followed by an additional $336 million transfer, preparing a combined $760 million worth of Bitcoin for potential sale. Jin gained prominence last October after making substantial profits through a Bitcoin short position just before Trump’s tariff announcement, and his latest move is being interpreted as a strong bearish signal for the market.

Fueling market anxiety is President Donald Trump’s newly declared tariff policy. Despite a U.S. Supreme Court ruling that found previous tariffs unconstitutional, President Trump announced plans to impose a 10% global tariff on all countries for five months. Analysts warn that this could recreate the tariff shock that rattled the crypto market last October. Prominent economist Peter Schiff cautioned that Bitcoin could plunge to as low as $20,000 and advised investors to sell immediately.

Concerns over the side effects of the tariff policy are also rising in political circles. Senator Elizabeth Warren pointed out that there is no legal mechanism for consumers and small businesses to recover costs already incurred under the now-invalidated tariffs, urging the government to prepare countermeasures. As political strife and economic uncertainty surrounding the tariffs deepen, investor sentiment toward risk assets such as Bitcoin is rapidly deteriorating.

Technical analysts warn that if Bitcoin fails to withstand the current downward pressure, it could slide to the $54,000 level. CryptoQuant added that geopolitical risks are also intensifying following reports that President Trump is considering a limited strike on Iran. Jin still holds 9,300 BTC worth approximately $627 million, along with more than $1 billion in Ethereum (ETH). Should he offload additional holdings onto the market, the downward momentum is expected to accelerate.

Ultimately, the Bitcoin market stands at a critical crossroads, pressured by both signs of large-scale whale sell-offs and a Trump-driven tariff war. Unless Washington-related risks—including a potential government shutdown and disputes over tariff refunds—are resolved, Bitcoin’s price recovery may face significant difficulties in the near term. Investors are advised to closely monitor real-time whale wallet movements and policy shifts from the White House while strengthening risk management strategies in preparation for a worst-case crash scenario.

Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. The publisher is not responsible for any investment losses incurred based on this content.