A Big Whale on BitMEX Sold Bitcoin Worth $5 Million

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WhaleTrades, a Twitterati who tracks the bulky crypto transactions, alerted that a big whale on BitMEX sold $5 million worth of bitcoin at $9,749.69.

Minutes before the big sell order, Bitcoin had soared above $9,890 to establish a new year-to-date high. However, the rally fizzled within minutes to near $9,737, leaving traders under the impression of a pump and dump behavior.

Full-time trader Salsa Tekila warned about a potential bitcoin flash crash shortly after noticing a long candle wick formation on short-term charts. The analyst said he was exiting all his bitcoin positions because of the β€œrisk of [a] flash dump.”

Bitcoin’s $150 crash from $9,890 triggered similar bearish calls from other traders. TraderMJ, for instance, confirmed that he was taking liquidity on the possibility of a volatile price reversal. The trader added that he is not going to open any fresh short position, believing that the market is still in an uptrend.

β€œNot shorting, because I don’t do that in an uptrend, but tethering up and bit and looking to buy back at either 9700 or 9500 ( preferably 9500),” tweeted TraderMJ.

This story is being updated.

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