Several of Bitcoin’s earliest holders began selling after Federal Reserve comments pushed markets toward a tighter outlook, as BTC slipped below the $70,000 technical level.
Blockchain tracker Lookonchain flagged at least two long-term holders moving more than 1,650 BTC (roughly $117.87 million) on Thursday. One veteran whale, Owen Gunden—who earlier sold an 11,000 BTC position—liquidated 650 BTC (about $46 million) on Kraken, his first major sale in five months. Another early buyer who purchased 5,000 BTC around 13 years ago sold 1,000 BTC, roughly $71 million.
Traders and analysts linked the profit-taking to hotter-than-expected U.S. inflation data, hawkish signals from the Fed and rising geopolitical tensions. The Fed left its policy rate at 3.50%–3.75%, but Chair Jerome Powell said inflation remains “somewhat elevated” above the 2% goal, and noted uncertainty tied to recent events in the Middle East.
Bitcoin’s rally stalled as the news weighed on risk assets. CoinGecko data showed BTC falling more than 4% to an intraday low near $69,536. The drop from around $75,000 to under $70,000 helped trigger over $513 million in crypto liquidations across 24 hours, with long positions accounting for about $420 million, according to CoinGlass.
Reports also indicated Israel struck Iran’s South Pars gas field following the killing of Iran’s intelligence minister Esmaeil Khatib, adding another layer of geopolitical risk that traders cited when selling into strength.
Analyst Michaël van de Poppe observed broad selling across most assets—except oil—and a technical rejection at Bitcoin’s resistance. He flagged $69,000–$70,000 as a key support zone: if it holds, BTC might attempt another climb; if it breaks, he expects substantial buying interest in the low $60,000s and below.
Looking ahead, crypto markets are likely to stay sensitive to macro drivers such as oil prices, employment and inflation data, and any developments that ease or heighten geopolitical tensions. Sources: Lookonchain, CoinGecko, CoinGlass, analyst posts on X.