Cryptocurrencies sold bitcoins for a record $ 41.6 billion

The bitcoin market BTC $63,817.36 Bitcoin -0.39% Market capitalization $1.28 trillion VOL. 24 hours $0.86 billion is experiencing a massive exodus of long-term investors: $ 41.6 billion worth of assets have been sold in recent sessions, one of the largest sales among the «old whales.» The price of BTC dropped below $ 100,000 for the first time since June, accompanied by a deterioration in sentiment and the liquidation of more than $ 1.3 billion in positions per day.

Since its October peak of over $ 126,000, bitcoin has lost more than 20%. Old wallets, activated for the first time in years, added to the pressure by selling more than $ 1 billion. Analysts point to them as a key factor in the decline. At the same time, some investors, such as Andrew Tate, are using the moment to «buy the dip» by investing $ 5 million in 50 BTC.

Miners are facing a profitability crisis: electricity costs have risen to 40−60% of operating expenses, and revenues are the lowest since April. As a result, companies are forced to sell reserves: $ 172 million worth of BTC has been sold in recent days.

Macroeconomic uncertainty in the United States, including a prolonged government shutdown and a lack of regulatory solutions, is putting additional pressure on the crypto market.

Analysts identify a critical support zone of $ 100,000-$ 101,000. If it is not maintained, the price may drop to $ 94,000, and in the worst case scenario, to $ 70,000-$ 75,000. According to Peter Brandt, the probability of such a drop is about 25%. Recovery is expected only after the regulatory environment stabilizes.