Whales Adapt to Market Volatility as Bitcoin Dips Below $80,000

The cryptocurrency market has been volatile lately, with Bitcoin (BTC) falling below $80,000. This drop was largely due to strong US employment data that increased expectations of a Fed rate hike in September, causing bond yields to rise.

As a result, altcoins also saw significant price movements. According to Lookonchain, a Chinese crypto whale named Garrett Jin has been closing short positions on ZEC, despite still holding a large outstanding loss of $18.95 million.

Jin closed a 7,000 ZEC ($8.16 million) short position, incurring a loss of $4.12 million, but his liquidation price is still set at $2,857.

Meanwhile, other whales are accumulating altcoins such as Solana (SOL), with one whale named 'HURDw' purchasing 285,503 SOL ($28.82 million) in the last three weeks.