$BTC price and on-chain performance looked weird 10 days ahead of the drop below $19,000, and ancient whales could be the reason behind it
According to CoinGlass, the cryptocurrency market saw more than $350 million in liquidations in the last 24 hours. While the amount may seem large and significant, the gradual selling of 15,000 BTC on the market could not cause such a large spike in liquidations.
Reportedly, whales moved most of those ancient funds to Kraken centralized exchange and most likely sold them ahead of the large price drop. Meanwhile, most experts believe that the main reason behind the correction is tied to the upcoming rate hike and the continuous strengthening of the monetary policy.As for Bitcoin, it is consolidating at July's level and has not yet dropped lower.
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