Bitcoin took a hit on Sunday, dropping nearly 2.2% in just nine minutes, from $114,666 to $112,174, wiping out $45 billion in market value. Crypto people on X are pointing fingers at a big Bitcoin holder, or whale, who sold off a huge chunk of Bitcoin to buy Ethereum, causing a market ripple.
Analyst Willy Woo says old school Bitcoin whales, who bought cheap years ago, are making it tough for prices to climb without tons of new money coming in.
According to Blockchain.com, this whale moved 24,000 BTC, worth $2.7 billion, to Hyperliquid over nine days starting August 16, selling 18,142 BTC for about $2 billion and swapping most of it for 416,598 ETH.
Crypto analyst MLM says the whale also holds 135,263 ETH in long positions, worth over $2.6 billion, earning $185 million in profits by outsmarting other traders. They staked 275,500 ETH, about $1.3 billion, hinting at a long term plan.
The whale’s selling triggered a wave of sell orders, especially after traders caught on to their strategy, leading to the flash crash. Ethereum also dropped 4% from $4,937 to $4,738 during the same time, though both coins later regained some ground.
