When the Market Plunges: Who is Selling and Exiting, Who is Buying the Dip Against the Trend
Amid a significant cryptocurrency market downturn, Bitcoin fell over 15% to around $60,000, marking a 40% drop from its October 2025 high and its worst single-day decline since the FTX collapse. Altcoins suffered even steeper losses. The sell-off has been attributed to macro factors, including the new Fed Chair’s policies, AI capital shifts, and geopolitical tensions, alongside speculation about undisclosed institutional failures.
Key sellers included Aave’s founder Stani Kulechov, who sold 4,504 ETH, and Ethereum’s Vitalik Buterin, who sold 6,899.5 ETH from a planned donation. Prominent ETH bull Yi Lihua (Trend Research) sold approximately 250,000 ETH ($554 million), citing risk management. On-chain data shows whales offloaded 81,068 BTC in eight days, reducing their holdings to a nine-month low.
Conversely, retail investors increased their small BTC holdings, a pattern historically associated with bear markets. Some large players, however, bought the dip. Bitfinex margin long positions hit a two-year high. "Million" (Machi Big Brother) aggressively opened leveraged long positions, though several were liquidated. MicroStrategy reaffirmed its commitment, purchasing more BTC despite a paper loss exceeding $7 billion, with CEO Phong Le stating they would only sell if BTC fell to $8,000 for years. Similarly, Tom Lee’s Bitmine continued buying ETH, despite an over $8 billion unrealized loss, calling the dip attractive. On-chain whales also accumulated ETH, with one new wallet withdrawing 55,483 ETH ($115 million) from WhiteBIT.
比推02/06 14:50
