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06/08 03:44
Bitcoin (BTC) Whales Cash Out as Trump and Elon Mu
Bitcoin (BTC) Whales Cash Out as Trump and Elon Musk Fuel Market Volatility
Key Takeaways
Bitcoin briefly dipped to $101,429 amid a public feud between Elon Musk and Donald Trump.
On-chain data reveals that long-term holders are increasingly taking profits amid the issue.
Technically, BTC has broken below the ascending channel’s lower trendline. What next?
Bitcoin (BTC) briefly plunged to $101,429 on Thursday, June 5, triggering over $300 million in long position liquidations.
The sudden downturn came in the wake of a high-profile spat between Elon Musk, the world’s richest man, and former U.S. President Donald Trump—a clash that rippled across financial markets and likely spooked crypto investors.
Although Bitcoin’s price has staged a modest rebound, on-chain data suggests that the Musk–Trump feud wasn’t the sole trigger.
In this analysis, CCN uncovers the reasons, revealing that even Bitcoin’s strongest holders have begun to loosen their grip.
Charts Tell a Sober Bitcoin Story
A few days ago, the Bitcoin technical setup showed that the cryptocurrency looked ready to hit a new high. However, it has faced a setback after the coin almost dropped below the $100,000 support.
The development occurred as Trump and Musk traded accusations in a public clash, marking a dramatic turn in a once-amicable relationship that now appears to have soured.
However, recent insights from Glassnode highlight that Bitcoin is under significant profit-taking pressure from long-term holders. The on-chain analytics platform reports that holders who accumulated BTC between the last six to twelve months have collectively realized daily profits exceeding $1 billion since the start of the month.
“At the most recent peak, the 30-day moving average of realized profit by LTHs surged to ~$1B per day, while short-term holders (STHs) realized just $0.32B per day. This marks a more than 3X difference, reinforcing that this wave of profit-taking is being led by older, higher-conviction investors,” It revealed.
This selling pressure has weighed heavily on Bitcoin’s price. If it continues, the coin could face a deeper breakdown.
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