Long-dormant Bitcoin (BTC) whales sold more than 1,650 BTC worth roughly $118 million over the past day as the cryptocurrency slid below $71,000 for the first time since last weekend.
BTC Whale Sell-Offs
An unidentified wallet that received 5,000 BTC — valued at approximately $1.66 million — over 12 years ago offloaded another 1,000 BTC, worth about $71 million, on Mar. 19, Lookonchain reported on X.
The entity began liquidating its holdings in November 2024 and has since sold 3,500 BTC at an average price above $96,000.
Lookonchain estimated the whale's total profit at $442 million, representing a 266x return on the original cost basis.
Separately, a wallet flagged as belonging to Owen Gunden sold 650 BTC in the same period. That sale followed an earlier disposal of 11,000 BTC worth more than $1.1 billion.
The sell-offs coincided with a sharp intraday decline that took BTC from above $74,000 to near $70,000, a move that accelerated after the Federal Reserve held interest rates steady.
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Some Large Holders Tend To Buy
Not all large holders are heading for the exits.
Lookonchain noted that a separate whale has purchased BTC daily since Mar. 10, accumulating 2,656 BTC at an average price just above $72,000 — a position worth roughly $190 million at current levels.
The divergence between veteran sellers locking in gains and newer whales accumulating near current prices highlights the tug-of-war shaping short-term price action. The buying whale added another 500 BTC, worth about $37 million, on Mar. 18 alone.
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