09-05-2022 icon

Bitcoin struggles under $20k as whales dump $100M BTC

By Lucy Adegbe

Bitcoin has continued to struggle below $20,000 as a particular whale sent 5000 coins to Kraken exchange. Blockchain data shows that the wallet was created and some coins were added as far back as 2013.

At the time of writing, Bitcoin traded at $19.7k – 0.08% higher than the last 24 hours.

BTC/USD 30-minutes trading chat (Source: Tradingview.com)

The value of Bitcoin dumped by the whale is worth around $100M and prior to this, participants traded the dip. The same was authenticated by the diminishing exchange reserve balance.

The action of the whale has prompted participants to start selling off their holdings.

Similarly, data from CryptoQuant shows that the exchange reserve reflected a value of 2.296 million BTC on August 30th. Currently, this figure has jumped to 2.31 million BTC, an indication that sell pressure is rising.