Bitcoin Whale Selloff Sparks Market Concerns as Price Targets $80K Wall

A Bitcoin whale has offloaded more than $576 million in BTC over the past three days, sparking market concerns. The mysterious whale, identified by wallet address 'bc1qsy,' sold 7,770 Bitcoin, valued at $211.8 million today alone.

According to on-chain transaction tracking platform Lookonchain, this is not an isolated incident. Since July 19, the same whale has deposited over 12,513.5 BTC, worth $850 million, into Binance.

Meanwhile, Wintermute has also made significant moves in the market, depositing 590.9 BTC to Binance and moving about 3,834 BTC over the past week.

While some market participants remain optimistic about the ongoing rally in Bitcoin price, others are cautious, arguing that selling pressure from whales could hinder the upward run of BTC.