At 11:25 AM on January 22, on-chain data revealed that a high-profile whale investor, known for persistent bullish bets, exited a long-standing BTC position near $89,900, closing out 64 bitcoins worth approximately $5.79 million.
Testing Conviction at Record Highs
The investor had gained attention for doubling down 30 times during pullbacks, embodying unwavering optimism. However, as Bitcoin repeatedly failed to break $90K, upward momentum faded, culminating in a decisive stop-loss move.
This exit contributed to a staggering $1.31 million in weekly losses, highlighting growing caution among major players after a steep rally.
Signals of a Shifting Tide?
- The liquidation occurred after the 4-hour RSI entered overbought territory, increasing technical correction risks;
- On-chain transaction volumes for large transfers declined, indicating reduced institutional activity;
- The net unrealized profit/loss ratio turned negative, suggesting early bulls are cashing out.
While prices remain elevated, the retreat of key market participants may foreshadow a broader consolidation phase, especially amid fading momentum and limited new inflows.