Key Highlights
- Bitcoin whale 37BnFf sold 800 BTC after seven months, locking in a $35.3 million loss.
- Bitcoin came under pressure after the Fed signaled interest rates could stay higher for longer, triggering ETF outflows.
- Bitcoin is trading near the key $60,000 support level, while Wintermute says the recent rebound is fragile and sellers still control the market.
A large Bitcoin holder known as wallet 37BnFf has sold 800 Bitcoin (BTC) after holding the coins for about seven months, according to blockchain analytics firm Lookonchain.
In a Friday post on X, Lookonchain reported that the whale sold the coins on Thursday in the open market for approximately $50.24 million. According to the post, the whale purchased these Bitcoins seven months ago at an average price of $106,866 per BTC.
Because the market moved against the holder over time, the sale resulted in a loss of about $35.3 million.
“After holding $BTC for 7 months, whale 37BnFf finally gave up. Today, he sold 800 $BTC ($50.24M) that he bought at $106,866 7 months ago, taking a $35.3M loss,” Lookonchain posted.
Fed adds more pressure to Bitcoin
The sale came while Bitcoin was trading under pressure. The asset slipped below $63,000 on Thursday after the Fed kept interest rates unchanged between 3.50% and 3.75%, while signaling that rates may stay high for longer than expected.
This changed how investors felt. When interest rates stay high, people usually move money away from risky assets like crypto. That sentiment pushed Bitcoin lower, while spot Bitcoin ETFs recorded net outflows of $82.2 million on June 17.
On top of that, more than $130 million worth of bullish bets were wiped out as prices fell quickly. These liquidations added more pressure and made the drop even sharper.
Bitcoin holds steady after drop
At the time of writing, Bitcoin was trading at $63,106, up 0.16% over the past 24 hours. Trading activity has dropped by 27% to over $24 billion, suggesting that there are fewer traders in the market as they retire for the weekend.
Spot Bitcoin exchange-traded funds continued to record net outflows, with over $90.7 million withdrawal on Jun 18, led by Ark, with about $43.5 million in withdrawals, followed by BlackRock at around $30 million, according to Farside data.
Bitcoin struggles to hold key support
Bitcoin’s current price action shows a clear story of weakness. The asset has recently broken below a key ascending channel that had supported the price movement since February.
The breakdown followed repeated failures to reclaim the 200-day moving average near $80,000, which is often seen as a major signal line. After that, the 100-day moving average around $72,000 started acting as resistance. Every time the price tried to rise, sellers pushed it back down again.
At the moment, Bitcoin is moving around $63,000 and is sitting just above a key support zone near $60,000. This level had previously acted as a recovery base during earlier volatility. If Bitcoin falls below it, it could drop to $50,000 and $52,000.
Wintermute says recovery remains fragile
A couple of days ago, Wintermute, a crypto market maker, said in a report that Bitcoin is trying to recover, but the situation is still weak. The firm described the recent gains as a “relief bounce,” referring to a short-term recovery following heavy selling.
Moreover, it pointed out that inflation data in the United States came in as expected at 4.2% for May, which helped calm the market a little. Still, Bitcoin has now fallen for four straight weeks, showing that sellers are still in control for now.
Also Read: Will Strategy Sell More Bitcoin to Plug the STRC Dividend Gap?
