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- Bitcoin experienced a significant drop in value, losing about 9% in a single day.
- Over $1 billion worth of positions were liquidated during the sell-off.
- The sell-off was influenced by reports of SpaceX selling its $373 million Bitcoin holdings and the bankruptcy filing of Chinese real estate giant Evergrande.
Bitcoin, the largest cryptocurrency by market value, saw a major decline on Friday. In the past 24 hours, BTC dropped from around $29,000 to $25,166. According to Coinglass data, over $1 billion worth of positions were liquidated during the sell-off. The amount of Bitcoin liquidated was the highest seen in a single day since the market turmoil in June 2022. Within the past 24 hours, $500 million worth of BTC positions were liquidated, with $375 million of that coming from Long positions.
Bitcoin’s Decline: The Key Reason
The Wall Street Journal’s report on SpaceX selling its $373 million Bitcoin holdings caused concern in the market. The daily report does not specify when SpaceX sold its Bitcoin, so the news remains speculative.
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Additionally, the bankruptcy filing of Chinese real estate giant Evergrande also affected the crypto market. In addition to these factors, Judge Torres accepted the SEC’s request for an interim appeal in the Ripple case last night. All of these events instilled fear in the market. Santiment, an on-chain analytics firm, shared possible reasons for Bitcoin’s decline.
Bitcoin Whale Transactions and Market Sentiment
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“Bitcoin whale transactions reached the highest level in a month today, and they started before the major drop. The amount of $1 million transactions for BTC started to drop below $26,600 before the decline. The crypto markets experienced one of the sharpest price drops in 2023. We are seeing a significant number of BTC transactions larger than $1 million, indicating that whales are very active. However, the number of large wallets is not decreasing.”
Santiment revealed that Bitcoin whale transactions reached the highest level in a month. According to Santiment, this trend usually starts well before a major drop. In other words, it suggests that whales are very active during a decline. Santiment also noted that the number of addresses holding more than 10 BTC remained high despite the market downturn. The news of SpaceX selling Bitcoin and the bankruptcy filing of Evergrande increased fear in the markets. Lastly, it is worth mentioning that Bitcoin is currently trading at $26,000, experiencing an 8% drop.
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Conclusion
Bitcoin’s recent decline can be attributed to various factors, including the news of SpaceX selling its Bitcoin holdings and the bankruptcy filing of Evergrande. The liquidation of over $1 billion worth of positions during the sell-off also contributed to the drop in Bitcoin’s value. Despite the decline, the number of large Bitcoin wallets remains high, indicating continued interest and activity in the cryptocurrency market.
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