After several unsuccessful attempts to decisively reclaim $98,000 and potentially approach $100,000, the price of BTC has fallen below $95,000 in the last few hours.

This unfortunate move comes amid reports that large Bitcoin whales have deposited significant amounts of the asset on Binance, potentially to make some profits. However, there is some good news.

Whales are selling the asset

Large crypto investors, known as whales, play a fundamental role in the price movement of the underlying assets due to their ability to buy or sell significant amounts in a short time. As such, several on-chain analytics platforms track many of their actions to possibly predict a significant price move in either direction depending on whether they are buying or selling.

Lookonchain described a recent alarming move by a “giant” whale who amassed 11,657 BTC (worth over $780 million) from March 14 to October 31 at an average price of $66,953. As the cryptocurrency surged by about 50% from its average entry price, the anonymous whale moved 1,000 BTC to Binance this morning, possibly with the intention of selling for a profit.

In the following hours, BTC fell from over $98,000 to under $95,000 before recovering slightly.

While BTC has fallen below the critical $96,175 mark, analysts believe there is still no reason to panic, at least according to the relative unrealized gains metric. When it exceeds 0.9, it shows that the market is overheated due to a large number of investors sitting on paper profits. Historically, such a number has led to an immediate price correction for the asset.

However, the current reading is 0.74, below the overheated levels seen in previous cycles.

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