Key Points:
BTC may face the risk of testing $100,000 after breaking through the key support level of the bearish flag.
The so-called "insider" whale has transferred 5,252 BTC ($588 million) to exchanges and opened a new short position worth $234 million.
BTC has shown technical weakness after breaking below a key short-term support level, while an entity referred to as an "insider" has transferred a large amount of BTC to major trading platforms.
The BTC/USDT four-hour chart shows that BTC has fallen below the lower trendline of the bearish flag, a continuation pattern that typically indicates further downside potential after a brief consolidation.
The target price derived from the pattern breakout is approximately $98,000, aligning with the swing low from mid-June.
BTC is currently trading below the 20 (green) and 50 (red) four-hour exponential moving averages (EMA), consistent with the resistance area of $109,000-$110,000. If this area cannot be re-established as support, it may further validate this bearish pattern.
The emergence of the BTC bearish flag coincides with the reactivation of a notorious whale known for price manipulation.
It is understood that this is the same entity that profited over $200 million by shorting BTC during the customs collapse incident in China two weeks ago. This investor, referred to as the "insider" whale and "10 billion super unit whale," has reappeared, making several large bearish bets.
First, according to Arkham data, this entity has transferred approximately $588 million worth of 5,252 BTC to major exchanges including Coinbase, Binance, and Kraken.
Market analysts point out that such large inflows of funds typically indicate the holder's intention to sell or hedge positions.
At the same time, the whale has opened a new short position worth $234 million on the Hyperliquid platform at a price of about $111,190 per BTC, already sitting on approximately $6.7 million in unrealized profits, indicating confidence that the downward trend will continue.
Analyst CryptoNobler stated that the whale's actions are "pure market manipulation," suggesting that it may be intentionally selling BTC holdings to drive the price down to its short position target price.
The true identity of this whale has not been confirmed, but blockchain detectives have linked the wallet to Garrett Jin, the former CEO of the now-defunct exchange BitForex.
In a now-deleted social media post, Jin acknowledged this connection after a dispute with former Binance CEO Zhao Changpeng ("CZ") on the X platform, but later claimed that the funds belonged to clients, not to him personally.
Cryptocurrency analyst Quinten François expressed skepticism about the alleged connection between the Hyperliquid whale and the former CEO of BitForex, suggesting that given the contextual nature of the evidence, this connection may be "too perfect to be convincing."
Related: Arthur Hayes predicts Bitcoin (BTC) will rise to $1 million—Japan's new Prime Minister orders implementation of economic stimulus plans.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin Faces Risk of Dropping to $100,000 as 'Insider' Whale Moves BTC to Exchanges”
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