Crypto markets stumble as dormant whale dumps $2.7bn in Bitcoin – DL News
- A dormant whale liquidated 24,000 Bitcoin and rotated into Ethereum.
- Traders are also reassessing Fed cut chances after digesting Powell’s speech.
Crypto markets flipped bearish late Sunday night after a typically sleepy weekend gave way to a bruising sell-off.
The slump coincided with news that a long-dormant Bitcoin whale, once tied to a massive 2019 withdrawal from the HTX exchange, had offloaded a hoard of 24,000 Bitcoin, according to onchain data first uncovered by Timechain Index founder Sani.
The entity, which hadn’t moved coins in five years, sold roughly $2.7 billion worth of Bitcoin over recent days.
They then began buying up tons of Ether, amassing more than 400,000, which they used to open leveraged long positions and stake…
