$BTC

On-chain analysts have spotted a transaction that has made waves across the cryptoasset sector. An anonymous whale, controlling an address beginning with the characters bc1pyd, sold his entire bitcoin holding in just eight hours—a total of 5,076 BTC worth approximately $384 million. The operation resulted in a loss estimated at around $118 million and sparked discussions about a possible culmination of the current bearish trend or its possible continuation. Why this divergence of opinions? Data provided by blockchain analytics platform Arkham Intelligence shows that the investor accumulated bitcoin primarily through the Kraken exchange, paying an average of nearly $99,000 per coin. The decision to sell came as the BTC price plunged below $77,000, coinciding with growing volatility in the US stock markets. The majority of the funds ended up in deposits on the Binance exchange, with individual transfers reaching as much as 962 BTC, or approximately $71 million each. The wallet's history also shows fresh deposits from Kraken, including 300 BTC just a few days before the total. A wave of comments erupted on social media. Many users interpret this event as a classic "weak hands capitulation"—a moment when investors panic-sell assets after significant declines, fearing an even greater loss in portfolio value. Historically, such episodes have often occurred near market lows. Proponents of this theory also point to the inflow of nearly 6,000 BTC into spot ETFs in recent days, which may suggest growing interest from institutional investors. However, analysts point to the broader macroeconomic context. Declines on Wall Street, concerns about an economic slowdown, and uncertainty surrounding the policies and personnel of the US central bank are putting pressure on assets considered risky, including cryptocurrencies. Bitcoin is no exception, reacting to global sentiment almost as vehemently as stock markets. It's worth noting that if the classic four-year cycle for cryptoassets is still in play, we are currently in the early stages of a bear market.