Open account

Humpback Whales Drive $40B+ Bitcoin Outflows at $73.5K

Bitcoin trades near $73,500 after recording more than $40B in realized capital outflows as humpback whales intensify selling pressure. The story began May 25 when five dormant 2014 wallets moved 964.85 BTC worth $74.8M. On May 26-27 a whale closed $13.6M shorts for a $132k profit then opened $16.1M 20x shorts on BTC and ETH while hedging with TradFi longs. By May 28 Garret Jin expanded his long to $94.4M amid $366M liquidations and a drop to six-week lows. On May 30 data showed humpback wallets sold 612,753 BTC between May 11-28, confirming sustained distribution.

Category

Bitcoin

Sentiment

Neutral

Event

Institutional flow

Reading time

1 min