Bitcoin Whales Flood Exchanges Amid Price Drop Similar to FTX Crash

Bitcoin has faced a sharp downturn in the past day, with its value plunging to nearly $60,000, driven by a rapid selloff reminiscent of the catastrophic FTX collapse in 2022. As reported by CryptoSlate, the cryptocurrency managed to bounce back to $69,800 at the time of writing.

Data from Glassnode illustrates the severity of this latest price drop, highlighting how it has mirrored previous market crises. The movements of Bitcoin whales—large holders of the cryptocurrency—have played a crucial role in this market volatility, as they are offloading significant amounts of Bitcoin onto exchanges.

This wave of liquidations and selling pressure has raised concerns among investors, drawing parallels to the events leading up to the FTX disaster, where high levels of leverage and sudden market shifts led to catastrophic outcomes.