Bitcoin briefly fell below $55,000 and Ethereum dropped under $2,900 earlier today, with the Fear and Greed Index plummeting to 29, marking a new low for the year. On-chain data also indicates that whales have begun to flee.
**Background:**
Mt. Gox transferred 47,000 BTC! Bitcoin flash crash to $56,680, liquidating 180,000 people for over $500 million.
**Additional Context:**
The culprit behind Bitcoin’s fall below $57,000? Germany transfers a large amount of BTC, but where’s the next key support point?
This morning around 8:30 AM, Mt. Gox moved 47,229 Bitcoins (valued at approximately $2.71 billion) from its cold wallet to a new address. Although the purpose of this transfer is unclear, it coincides with the exchange’s plan to repay creditors, suggesting preparation for repayment.
This news may have once again triggered market panic, with Bitcoin briefly falling below $55,000 around 11 AM, a new low in four months. At the time of writing, Bitcoin has rebounded to $55,337, a 6.01% decline over the past 24 hours.
**Fear and Greed Index Hits Yearly Low**
Amidst continuous sell-offs, the Fear and Greed Index has significantly dropped from yesterday’s 44 to 29, reaching a new low for the year.
**Whales Begin to Flee**
As the market rapidly turned bearish, many whales began to flee this morning. According to on-chain analyst Yu Jin’s monitoring, around 8 AM today, a whale that had previously leveraged long on ETH sold 26,600 ETH for 82.52 million USDT to unload the leverage, while ETH fell from $3,160 by $100 to $3,060.
Ai Yi also monitored that a whale, who had built a position of 27,332 $ETH over the past nine months at an average price of $2,210, is now taking profits, totaling approximately $27.8 million in gains. This whale had continuously bought ETH from exchanges and on-chain from the end of September last year to June 10 this year, accumulating $60.4 million worth of ETH. Earlier today, Ai Yi again pointed out that a whale had liquidated $78.87 million worth of BTC two weeks ago at an average price of $66,792, profiting $22.18 million.
Additionally, Whale Alert also monitored at 10 AM that $4.1 million worth of $DOGE was transferred to Binance; earlier, the same account had monitored $15.49 million worth of $XRP being transferred to Bitstamp, likely in preparation for sale.
**Related Reports:**
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Crypto community’s heavy losses》100,000 people liquidated for $260 million, vowing to ‘trade coins together in the next life’.
The reason for Bitcoin’s fall below $60,000? Analyst: Mt. Gox’s repayment initiation triggers selling pressure, liquidating 90,000 people for $220 million.