The holding line is fluctuating. At 9:00 AM on the 2nd, Bitcoin was trading at $109,238 (approximately 16.1 million yen) on CoinMarketCap, up 0.91% from the same time the previous day.
At around 6:35 a.m. on the same day, the support level of $108,000 was broken, but the price quickly recovered. One of the reasons for the decline was that Bitcoin "whale" investors were selling their Bitcoin holdings to Ethereum.
One whale investor who had held Bitcoin for more than five years transferred $4 billion worth of Bitcoin to the decentralized exchange HyperLiquid on the 21st of last month.
A typical example is when someone sold their shares and converted the funds into Ethereum.
"This is an example of the 'rotation' of funds. The recent market where companies are buying up crypto assets," said researcher Sondergaard.
"This suggests that altcoins are also emerging as beneficiaries in the current market," he said. Meanwhile, if Bitcoin falls below $107,000, the decline could widen.
If Bitcoin falls below the $107,000 line, the cryptocurrency futures market is expected to see a liquidation of $390 million in "long positions."
2025/09/02 11:06 KST
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