Whales dump over $3 billion in Bitcoin; Crash to $100k next?
Over the past six days, whales controlling between 10,000 and 100,000 coins have dumped more than 30,000 Bitcoin (BTC), worth over $3.45 billion. The sales triggered a pullback, causing the cryptocurrency to slip just barely above key support levels at $115,000. Additional selling pressure is likewise coming from long-term holders, who have also begun cashing out and thus amplifying the downside potential, as per CryptoQuant data on August 19. Coin Days Destroyed chart. Source: CryptoQuant Will Bitcoin drop to $100k? Bitcoin was trading at $115,553 at the time of writing, having seen a modest daily gain of 0.45% but still being down 2.5% on the weekly chart. As things stand, the world’s largest cryptocurrency risks further losses if selling continues, as a drop below $115,000 could send the price toward $112,500, with a deeper slide potentially testing $110,000. Further headwinds are generated by major Bitcoin ETF issuers trimming their holdings. For in...