A significant sell-off in Bitcoin took place on Sunday when a large holder unloaded 24,000 BTC worth approximately $2.7 billion, triggering losses for traders and momentarily shaking the market. Despite selling off some of his holdings, the whale still retains over 152,000 BTC worth over $17 billion. Market commentator Willy Woo highlighted that many early investors bought Bitcoin at under $10 per coin and now must invest significantly to balance their books, potentially leading to further price drops if momentum weakens. The timing of this sale coincided with a fragile situation in derivatives markets, particularly on Binance. Over $70 million worth of long positions were liquidated as prices fell below $112,000. This triggered a “long squeeze,” where sudden liquidations caused more selling to occur. By Sunday night, open interest had fallen significantly and net taker volume on Binance had shrunk to about $1 billion – indicating overleveraged traders were forced to sell. Some analysts view the drop as an opportunity for Bitcoin to reset and stabilize. They suggest that a break above resistance near $114,800 and $116,800 could signal a potential rise toward $120,000 or higher. On the other hand, if Bitcoin fails to defend $111K, the market could slide towards the psychological $100K mark. While this sale was significant, it highlights that whales with substantial holdings still wield immense influence over Bitcoin’s price movements, even in a market dominated by institutions and derivatives. The sell-off serves as a reminder of Bitcoin’s inherent volatility, influenced by large transactions and long-term strategies.