Bitcoin, which traded above $ 58,000 on Sunday, fell to $ 53,000 on the first day of the week. In a time frame of 45 minutes in the afternoon, there was a $ 2,000 drop. Bitcoin whales took action before these happened.
Bitcoin price fell more than 6 percent after breaking the record. The peak of the graph drawn in 24 hours on Coinbase is 58.367; the bottom is $ 52,610. The drop in the BTC price of $ five thousand in less than a day resulted in the $ 1.5 billion position being REKT.
Huge amount of BTC sent to exchanges
100 billion dollars was removed from the market on the first day of the week. Bitcoins sent to the stock markets before the fall intensified the selling pressure in the market. According to IntoTheBlock data, investors sent more than 59,000 bitcoins to exchanges on Sunday.
It is stated that more than 33,000 of these bitcoins are sent to the Gemini exchange in the USA. Some analysts argue that there is a mistake in this interpretation, that these Bitcoins were sent to OKEx, not Gemini, and the direction of the money is not the American but the Asian market.
Asian whale continues to grow
When a more detailed examination is made, it is seen that a large amount of bitcoins have been sent from OKEx to a single address. A wallet code 3Kzh9qAqVWQhEsfQz7zEQL1EuSx5tyNLNS collected almost 18,000 bitcoins during the day.
This address, which contains tens of thousands of Bitcoins, is closely followed by analysts. A study conducted in 2018 suggested that this address may be linked to cryptocurrency scams in Asia.
This address, whose identity is unknown, is known for dumping large amounts from time to time. According to a cryptocurrency analyst, the 18,000 bitcoins sent to this address indicated that the selling pressure on the market could increase.
Market decline resulted in REKT
Futures traders directly felt the effects of the decline in the market. According to The Block data, a position of $ 410 million in the market was liquidated in just one hour. $ 237 million of this was from Binance.
According to Bybt, positions liquidated in 24 hours are worth more than one and a half billion dollars. The $ 700 million love of this consisted of Bitcoin positions. More than 92 percent of the rect positions were long positions.