Bitcoin Whale Dumps $576M in BTC as Price Pulls Back

Bitcoin (BTC) has slipped from its recent highs as large-scale selling by a mysterious whale raises concerns about short-term pressure on the cryptocurrency. The pullback comes after Bitcoin surged above $78,700 during the past 24 hours, extending its weekly gain to nearly 23%.

At the time of writing, Bitcoin price was trading around $77,321, down roughly 1% over the past 24 hours. Despite the decline, the strong weekly performance continues to signal increased investor confidence following BTC’s latest rally.

On-chain tracking platform Lookonchain reported that a Bitcoin whale identified by the wallet address “bc1qsy” sold 2,700 BTC worth approximately $211.8 million. Over the past three days, the same whale has unloaded 7,770 BTC valued at about $576.6 million.

The selling activity appears to be part of a broader pattern rather than a reaction solely to Bitcoin’s latest price surge. Since July 19, the wallet has reportedly deposited more than 12,513.5 BTC, worth approximately $850 million, into Binance.

Crypto market maker Wintermute has also moved significant Bitcoin holdings to the exchange. It deposited 590.9 BTC worth about $45.66 million into Binance, while roughly 3,834 BTC valued at $256.8 million has been transferred over the past week.

The sizable Bitcoin transactions have sparked debate over whether increasing selling pressure could interrupt BTC’s bullish momentum. Some traders remain optimistic after Bitcoin’s breakout above $78,000, while others expect a near-term correction following the rapid rally.

Veteran trader Peter Brandt has recently expressed a bullish outlook on Bitcoin. However, Tony Edward, founder of the Thinking Crypto Podcast, warned that BTC has entered an “overbought” region and could face renewed bearish pressure.

Edward suggested Bitcoin could retreat toward the $69,000 to $70,000 range before resuming its upward trend. His analysis indicates that such a correction could ultimately set the stage for another rally, potentially pushing Bitcoin price above the closely watched $80,000 level.