The Bitcoin price plunged sharply lower earlier this Tuesday after an ancient whale seemingly started selling BTC.Â
The flagship coin briefly slipped below the $117,000 level, reaching an intraday low of $116,218 before paring some losses.Â
According to analytics platform Lookonchain, the OG holder, who controls more than 80,000 coins, recently transferred 9,000 BTC (roughly $1.06 billion) to Galaxy Digital.Â
This was followed by another substantial transfer of 7,843 BTC, putting more pressure on the Bitcoin price. Â
Galaxy Digital is already depositing these coins to major exchanges, with Binance and Bybit receiving roughly $236 million worth of BTC.
Following the recent transfers made by the OG whale, another whale promptly closed their long position and flipped short.Â
As reported by U.Today, there was a recent spike in profit-taking, which can be seen as a sign of at least a short-term top.
According to CoinGlass data, $406 million worth of long positions have been liquidated over the past four hours alone.Â