Bitcoin whale's $310 million sell-off rattles crypto market
A massive Bitcoin sell-off by a single whale on Sunday sent shockwaves through the crypto world.
The sale of 24,000 BTC wiped out over $310 million in long bets and briefly pushed Bitcoin's price down, before it settled at $112,660.
Recent optimism from positive Fed news was quickly questioned.
Whale's weekend sale
Big moves like this show how one player can still rock the crypto boat, especially on quiet weekends when trading is thin.
The seller offloaded coins that had been sitting untouched for five years.
Analysts say too many leveraged bets made things worse.
Ethereum sees inflow
Interestingly, much of the cash from this sale flowed into Ethereum—about $2 billion worth—helping ETH jump 24% this August to near $4,637.
Still, big names like BlackRock saw major outflows last week, so the whole market is staying careful despite ETH's rally.