Whales React to Bitcoin's Fall Below $80K: Trading Altcoins in Record Volumes

The recent drop of Bitcoin (BTC) below $80,000 has led to increased selling pressure in the cryptocurrency market. The data from the US employment showed a lower-than-expected unemployment rate, which strengthened expectations that the Federal Reserve might raise interest rates at its September meeting.

As a result, US bond yields rose, causing Bitcoin to fall. This volatility also affected altcoins, with investors reassessing their risk appetite.

A report from Lookonchain shows that Chinese crypto whale Garrett Jin has been adjusting his positions in the market. He recently closed a short position of 7,000 ZEC (worth $8.16 million) at a loss of $4.12 million, but still holds a short position of 32,760 ZEC ($37.83 million), with an outstanding loss of $18.95 million.

Lookonchain also reports that whales are buying Solana, with one whale named 'HURDw' purchasing a total of 285,503 SOL (worth $28.82 million) on Hyperliquid in the last three weeks.