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The hefty sales of whales led to the Bitcoin (BTC) price dropping below 9 thousand dollars.

For analysts who think Bitcoin needs to drop to 8 thousand dollars in order to experience a bull run, the expected finally happened. Whale sales, specific to BitMEX, caused the price of Bitcoin to suddenly drop to 8,900 dollars.

Some market analysts had expressed that, when the Bitcoin price was at 16 thousand dollars, there may first be a pullback to the 8-9 thousand dollar range followed by a bull run. But by rising up to over 70 thousand dollars until now, Bitcoin finally provided a sly opportunity to those waiting for 8 thousand dollars.

BitMEX made a statement!

The exchange stated that some whales were selling large amounts and consequently causing significant volatility in the spot market. It was emphasized that positions in the futures markets were not affected by this situation and that all funds were safe:

We are investigating unusual activity on BTC-USDT Spot Market involving a user placing large sell orders. The activity does not impact any of our trading platforms nor the index price of our popular XBT contract across our derivatives products. The trading platform operates as normal and all funds are safe.

According to data reported by the on-chain analysis platform Blockchain Daily, a single user on BitMEX was among the actors triggering the price drop by carrying out over 400 Bitcoin sales in one go.

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