Bitcoin's recent price crash, which saw the asset dip to a 19-month low of $59,100 on June 5, was fueled in part by a massive distribution of BTC by whales. According to data from Glassnode highlighted by analyst Ali Martinez, whales shed more than 70,000 BTC over the course of a single month. At current prices, this sum is worth over $4.5 billion.
The intense selling pressure from large investors added to an already fragile market environment. Other factors contributing to the downturn include a significant ETF exodus, the sale by Strategy (formerly MicroStrategy) that sparked widespread FUD, and broader market weakness linked to uncertainty surrounding the US-Iran war.
While Bitcoin has since reclaimed the $64,000 level and found support, volatility persists. Ali Martinez outlined key support levels to watch: the 200-week SMA at $62,800, the 300-week SMA at $55,000, and the 400-week SMA at $42,500. A potential peace deal promised by Trump contributed to recent optimism, but conflicting reports from Iran suggest further turbulence ahead.
