A dormant Bitcoin whale has suddenly moved 625 BTC, worth nearly $40 million, to FalconX after holding the coins for over a year without activity. This sale comes as Bitcoin trades steady above $63,000, currently near $64,300, following a brief dip three days ago.
The whale originally bought these coins when Bitcoin soared around $96,000, investing nearly $60 million. Since then, a 33% drop in Bitcoin's value has wiped out more than $20 million from this holding. Selling now means the whale is locking in significant losses, reflecting increasing doubt amid ongoing market weakness.
Long-Term Holders Show Different Behavior
Unlike this large sale, most long-term Bitcoin holders remain calm. Data from blockchain tracking shows that spending among these holders has dropped sharply. The RHODL Ratio, which measures how much long-term holders are selling relative to their holdings, is at its lowest point since October 2023. This suggests that big holders are resisting the urge to sell despite price pressures.
Supporting this, the Sell Side Risk Ratio for long-term holders sits extremely low at 0.000357, meaning very few are exiting right now. Even with an estimated $217 billion in unrealized losses across these holders, they seem unwilling to sell at the current levels.
Bitcoin’s price remains range-bound with a clear resistance at $66,000, which it has struggled to surpass. Technical indicators like the Directional Logistic Oscillator have stayed negative for months, hinting at continued bearish momentum. Without a close above $66,000, Bitcoin is likely to keep trading sideways as sentiment stays muted.
