The crypto market has faced a price downturn following a cautious tone from the Fed Chair in yesterday’s FOMC speech where he announced a 25-bps interest rate cut. Bitcoin (BTC) slid below $110,000 while Ethereum (ETH) dropped below $4,000.
Amid the renewed volatility, some large investors (Whales) have dumped their Bitcoin and Ethereum holdings. This has drawn attention from retail traders as BTC and ETH struggle to hold key price levels.
Whales Offload Bitcoin and Ethereum
As spotted by on-chain data analytics platform, Spot on Chain, two major whales have offloaded Bitcoin and Ethereum following the recent market drop. Among them, Owen Gunden, a well-known early Bitcoin investor, recently transferred 395.8 BTC, worth about $43.7 million, to Kraken earlier today.
However, Blockchain data indicates this wasn’t an isolated transaction. Over the past nine days, Gunden has sold 2,587 BTC valued at approximately $289 million. His average selling price stood at $111,546 per BTC, suggesting he capitalized on the peak levels of Bitcoin earlier this month.
While he still holds 7,150 BTC, estimated to be worth $793 million at current prices, the series of transfers marks one of the most significant whale activities this October. This has raised questions about whether other long-term holders might follow.
On the other hand, another whale wallet – identified as “0x550” – moved its entire 10,000 ETH stash into Binance. The tokens, worth $39.1 million, had been held for only two months. Data reveals the investor exited at a 16% loss, amounting to roughly $7.52 million.
The move comes as Ethereum continues to struggle below the $4,000 level. The second-largest cryptocurrency has dropped 7% this week, tracking Bitcoin’s broader decline. This sell-off leaves traders worried as it could add pressure to further downside price movement.
Traders Watch Key Support Zones
Whale activity tends to ripple through the market, and this week is no exception. Bitcoin’s price currently sits at $109,989 down by 2.6% over the last 24 hours. The key support level for BTC lies at $107,658 with a dip below this level more likely to trigger further price drop towards the next support at $104,062.
On the upside, BTC faces resistance at $114,539. However, bulls must regain control for the price to move towards this resistance.
For Ethereum, it has strong support around $3,750, while resistance remains tight at $4,050. The coin’s next direction depends on whether buyers can hold that range through the weekend.
Moving forward, the whale movements will keep traders alert as year-end trading heats up. The market will watch closely to see if these recent sales mark the start of a deeper correction or just another round of profit-taking.
