Bitcoin Whale Moves $378M as Market Sees Fresh Selling Concerns

The Bitcoin market is currently experiencing a correction of nearly 2%, causing some to speculate that it may be just another weak hand shake-out. However, on-chain data suggests otherwise. The price of $BTC has approached $82k after failing to reclaim the weekly high of $87k, creating a perfect environment for a liquidity sweep.

According to Coinglass, the amount of long liquidations has crossed above $250 million, representing the largest flush in almost a week. Despite this, demand for Bitcoin seems to still be in check, with the ETF market showing no signs of panic selling yet.

But just as it seemed that the correction would be short-lived, another Bitcoin whale moved 4,500 BTC worth $378.79 million, adding fresh uncertainty to the situation. This is not the first time this wallet has been active in recent weeks, having made a nearly identical move on September 25th.

Macro factors are also contributing to the significance of this whale move. The 10-year U.S. Treasury yield has climbed towards 5.2%, and markets are pricing in more tightening by the Fed, which could add another layer of pressure to Bitcoin's already precarious setup.