As US markets closed for Labor Day, an on-chain whale known as the “Bitcoin OG” threatened to dump additional BTC on the open market, intensifying selling pressure amid reduced liquidity. Perpetual futures and spot orderbook data reveal selling from large address cohorts outpacing retail dip-buyers, increasing the risk of a short-term downward move toward $105,000.
Liquidation heat maps show clusters of downside liquidity between $104,000 and $105,000, indicating potential stop-loss cascades if support fails. Closed traditional markets amplify volatility, as institutional market makers remain sidelined. Traders have marked key price levels at $108,000 and $107,200 as indicators of recovery or continued weakness.
Despite hopes for late-September Fed rate cuts, near-term sentiment remains fragile. Quotes indicate that long-dormant whale wallets have rotated funds into Ether, signaling a broader market rotation. With spot BTC ETFs closed and minimal arbitrage activity, a lack of buyers could exacerbate downward moves.
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