Dormant whale moves 4.5K Bitcoin again, adding a new risk to BTC’s 2% correction

The market is debating whether the recent correction represents just another weak hand shake-out.

On-chain data shows that such a scenario is indeed quite plausible. From a technical perspective, BTC’s almost 2% pullback has caused its price to approach $82k after the weekly wick failed to reclaim $87k.

This creates the perfect environment for a liquidity sweep, which has forced leveraged longs to unwind their positions as the upside thesis is abruptly flushed away.

Coinglass reports that the amount of long liquidations crossed above $250 million, representing the largest flush in almost a week. As of now, the liquidations have not fed through to the ETF market, with demand for Bitcoin seemingly still in check.

In this context, the latest correction could simply be regarded as another deleveraging cycle, which is likely to clear the way for BTC to make another attempt at breaking above $87k in the early October cycle.

Notably, this is where the chart above starts gaining more weight.

According to Lookonchain, yet another Bitcoin whale has just moved 4,500 BTC worth of $378.79 million. The wallet was inactive for more than four years before suddenly moving the coins.

Even more suspicious is the fact that a nearly identical move happened on the 25th of September, making the timing hard to ignore.