A Bitcoin whale has sold 24,000 BTC and shaken the crypto market. The 24,000 BTC are approximately valued at $2.7 billion. The sudden sell-off triggered a flash crash, causing the price of the premier cryptocurrency to reach $111K. This single whale transaction wiped billions from market capitalization and shook investor confidence. According to CoinMarketCap data, the price dipped below $110K for some time, before stabilizing at $111K.

Bitcoin Whale Sells 24,000 BTC

The whale’s move, tracked by on-chain analyst Sani, involved sending the entire 24,000 BTC balance to trading platform Hyperunite. The stash had reportedly remained untouched for more than five years, amplifying the market’s shock. Despite the liquidation, the entity still controls a staggering 152,874 BTC, worth over $17 billion.

Sani noted that 12,000 BTC was sold in just one day and warned that the whale “is still actively selling,” hinting at further downward pressure.

Veteran Bitcoin analyst Willy Woo attributed the sluggish price recovery in this cycle to concentrated whale holdings dating back to 2011, when BTC traded for under $10.

“They bought their BTC at $10 or lower. It takes $110k+ of new capital to absorb each BTC they sell,” Woo explained, highlighting the enormous challenge facing new inflows attempting to offset whale-driven sell pressure.

Meanwhile, data suggests that many Bitcoin OGs are rotating into Ethereum. Analyst MLM revealed that a whale recently offloaded 18,142 BTC (worth $2.04 billion), with most proceeds funneled into Ethereum. Combined, two major entities have accumulated 416,598 ETH, around $1.98 billion, with 275,500 ETH ($1.3 billion) already staked.

On Thursday, another whale sold 670 BTC ($76 million) to open a long position in ETH, further underscoring this shift.

WhaleWire CEO Jacob King noted that the sell-off created a “panic cascade,” where other traders rushed to sell, magnifying the flash crash. “Most of the money is being moved into Ethereum, $2B bought and $1.3B staked,” King wrote.

Important Reads: Crypto Market Hit by Sharp Sell-Off as Long Positions Unwind

As a result, Bitcoin’s price fell 2.12% to $112,692 as of early Sunday trading, raising fears of extended volatility. Technical indicators show Bitcoin entering oversold territory with an RSI-7 at 40.72, though analysts caution that no clear reversal signals have emerged yet.

Despite the chaos, several market experts remain optimistic. Crypto trader and Aike Capital founder Alex Krüger suggested Bitcoin could rebound once short-term momentum clears and the price climbs above $113,500–$114,000.

Vijay Boyapati, another prominent Bitcoin commentator, argued that whale sell-offs are part of a natural cycle. “The price has stalled because a number of whales have hit their magic number and are unloading. This is healthy – their supply is finite and their selling is required for the full monetization of Bitcoin,” he said.

While the whale-driven crash shook markets and spurred Ethereum inflows, many analysts believe the episode may ultimately strengthen Bitcoin’s long-term foundation. As liquidity shifts and supply redistributes from old holders to new investors, the stage may be set for the next leg of Bitcoin’s monetization cycle, though in the short term, volatility is here to stay.

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