Bitcoin Tumbles Below $80,000 Amid Market Volatility and Whale Position Shifts
Bitcoin's price has fallen below $80,000 after a series of strong US employment data and rising bond yields triggered renewed selling across digital assets. Large cryptocurrency traders have adjusted their positions in response to market volatility, with some closing short positions and others accumulating selected altcoins.
Data from Lookonchain shows that several large traders have shifted their exposure, including Chinese crypto trader Garrett Jin, who holds the largest on-chain short position in ZEC. Despite closing part of his trade, Jin still holds a short position of 32,760 ZEC worth approximately $37.83 million.
Meanwhile, a whale identified as 'HURDw' has accumulated $28.82 million in Solana over the past three weeks. This accumulation places Solana among the assets attracting significant attention from large traders during the latest period of market volatility.