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The Bitcoin price plunged sharply lower earlier this Tuesday after an ancient whale seemingly started selling BTC.
The flagship coin briefly slipped below the $117,000 level, reaching an intraday low of $116,218 before paring some losses.
According to analytics platform Lookonchain, the OG holder, who controls more than 80,000 coins, recently transferred 9,000 BTC (roughly $1.06 billion) to Galaxy Digital.
This was followed by another substantial transfer of 7,843 BTC, putting more pressure on the Bitcoin price.
Galaxy Digital is already depositing these coins to major exchanges, with Binance and Bybit receiving roughly $236 million worth of BTC.
Following the recent transfers made by the OG whale, another whale promptly closed their long position and flipped short.
As reported by U.Today, there was a recent spike in profit-taking, which can be seen as a sign of at least a short-term top.
According to CoinGlass data, $406 million worth of long positions have been liquidated over the past four hours alone.
U.Today Editorial Team
Vladislav Sopov