Some of Bitcoin’s earliest investors began selling after the Federal Reserve signaled a hawkish tone, reducing expectations for near-term rate cuts as BTC slipped below the $70,000 technical mark.
Blockchain analytics firm Lookonchain reported that at least two long-term holders moved more than 1,650 BTC (over $117.87 million) on Thursday. One veteran whale, Owen Gunden—who previously sold an 11,000 BTC holding—unloaded 650 BTC (about $46 million) on Kraken, his first major sale in five months. Another early investor who bought 5,000 BTC roughly 13 years ago sold 1,000 BTC, worth roughly $71 million.
Traders attributed the profit-taking to hotter-than-expected U.S. inflation data, hawkish Fed signals, and rising geopolitical tensions. The Fed held rates steady at 3.50%–3.75%, and Bitcoin’s rally stalled: BTC fell more than 4% to an intraday low near $69,536, according to CoinGecko. Fed Chair Jerome Powell said inflation remains “somewhat elevated” above the 2% target, noting economic uncertainty tied to events in the Middle East.
Reports also said Israel struck Iran’s South Pars gas field after the killing of Iran’s intelligence minister Esmaeil Khatib, adding to geopolitical risk. Bitcoin’s drop from about $75,000 to under $70,000 triggered over $513 million in liquidations across crypto in 24 hours, with long positions accounting for roughly $420 million, per CoinGlass.
Analyst Michaël van de Poppe noted that most assets—except oil—were selling off and observed a technical rejection at Bitcoin’s resistance. He identified $69,000–$70,000 as a key support zone that, if held, could allow another push higher; if broken, he expects significant buying interest in the low $60,000s and below.
Looking forward, crypto markets are likely to remain sensitive to macro drivers, including oil prices, employment data, and developments that ease or heighten geopolitical tensions. Sources: Lookonchain, CoinGecko, CoinGlass, X posts by involved analysts.