Bitcoin briefly fell below $55,000 and Ethereum dropped below $2,900 earlier today. The Fear and Greed Index has plunged to 29, marking a near one-year low, while on-chain data indicates significant whale movements fleeing the market.
At around 8:30 AM today, Mt. Gox transferred 47,229 BTC (worth approximately $2.71 billion) from its cold wallet to a new address. Although the purpose of this transfer remains unclear, it coincides with the exchange’s ongoing efforts to repay creditors, suggesting it may be related to these repayment plans.
This news has potentially exacerbated market panic, with Bitcoin dropping below $55,000 around 11 AM, hitting a four-month low. At the time of writing, Bitcoin has rebounded to $55,337, reflecting a 6.01% decrease over the past 24 hours.
The Fear and Greed Index has sharply declined amid the ongoing sell-off, plummeting from 44 yesterday to 29 today, marking a nearly one-year low.
Additionally, with the market rapidly turning bearish, numerous whales have begun to evacuate. According to blockchain analyst Yu Yan, around 8 AM this morning, a whale previously leveraged long on ETH sold 26,600 ETH to liquidate their position, converting it into 82.52 million USDT. This move coincided with ETH’s drop from $3,160 to $3,060, a decline of $100.
Ai Yi, another analyst, has observed a whale who had accumulated 27,332 ETH at an average price of $2,210 over the past nine months, now reducing their holdings to realize a profit of approximately $27.8 million.
Moreover, Whale Alert reported at 10 AM that $4.1 million worth of DOGE was transferred to Binance, following earlier movements of $15.49 million worth of XRP to Bitstamp, both potentially indicating preparations for further sales.