Bitcoin declines below $61K, triggering a ripple effect across the cryptocurrency market. This downturn also influenced altcoins, leading to significant selling activity among whales.
Corporate Whales Switch to Sales Mode
Prominent whales have entered a selling mode. According to on-chain analyst The Data Nerd, Galaxy Digital deposited $14.72 million worth of Avalanche (AVAX) to Binance. Specifically, a Galaxy Digital address moved 520,000 AVAX, valued at $14.72 million, to the exchange.
Institutional Investors and Market Makers
Institutional investors’ selling activity continues with market maker GSR Markets also participating. GSR Markets deposited 300,000 Chainlink (LINK) to Binance. As reported by The Data Nerd, an address suspected to belong to GSR Markets, starting with 0x4E2, received 300,000 LINK, worth $4.37 million, from a multi-signature wallet. This address then deposited all of these LINK to Binance.
Whales Selling at a Loss
Large whales are selling significant amounts of altcoins, often at a loss. According to Lookonchain, whales sold altcoins including LDO, AAVE, UNI, and FXS. These whale wallets collectively sold $13.42 million worth of altcoins to Binance.
Conclusion
As Bitcoin declines below $61K, the market witnesses a substantial sell-off among whales, affecting altcoins and overall market sentiment. With major players like Galaxy Digital and GSR Markets leading the selling trend, the cryptocurrency landscape remains volatile.
