Tina Fey Tackles the Crypto Crash: $5.69 Billion BTC Dumps at a Loss in 48 Hours! 💸💔

by

So, here we are, folks, another day in the wild world of crypto where things can go from “I’m rich!” to “Wait, what happened?” in the blink of an eye. According to Maartunn, a community analyst at on-chain data platform CryptoQuant, a whopping $5.69 billion worth of Bitcoin decided to take a little vacation to crypto exchanges, but not the fun kind – the kind where you lose money. And this all happened in just 48 hours. Ouch! 🤕

Maartunn pointed out that these short-term holders, let’s call them the “I-Can’t-Wait-For-My-Yacht” crowd, are selling at a loss. We’re talking about 50,026 BTC or $5.69 billion that made its way to exchanges at a loss over just two days. Talk about a weekend to forget! 🙈

📉 One of the heaviest loss-driven moves in weeks.

STHs are capitulating: 50,026 BTC (≈$5.69B) flowed from short-term holders to exchanges at a loss over just 2 days.

– Maartunn (@JA_Maartun) August 20, 2025

In a follow-up tweet, Maartunn added that this profit-taking move is the deepest in over a month. Bulls might want to see this as a sign that the market is about to bounce back like a rubber ball, but if history repeats itself, it could also mean more prolonged loss-taking, similar to what we saw from late February to late May. So, buckle up, buttercup! 🚀

Bitcoin has had a pretty good run, marking four straight months of gains from April through July. But let’s face it, August is usually the month when everyone decides to take a break from trading, leading to quieter markets and lower volumes. The last three Augusts were not exactly a walk in the park, with each ending in double-digit percentage losses. 🤦‍♂️

Market Retreats

After hitting some new highs, the market decided it was time for a little profit-taking, sending major cryptocurrencies into a retreat and dropping the market’s total worth below $4 trillion. It’s like the market is saying, “Thanks, but I’ll take my profits now and maybe we can do this again later.”

On-chain data shows that there’s been significant profit-taking from Bitcoin investors who have held for over a month (not including those daily traders who think they’re the next Warren Buffett). According to Glassnode, on July 18, BTC holders who have held over a month realized over $1.5 billion in profits, which is the biggest profit-taking spike since December 2024. That’s a lot of zeros! 💰

At the time of writing, Bitcoin was down 1.44% in the last 24 hours, trading at $113,683. It had hit a low of $112,555 earlier on Wednesday. But hey, it’s not all bad news. Just a few days ago, Bitcoin hit a record high of $124,533 on Aug. 14, thanks to a wave of institutional buying led by digital-asset treasury companies. Michael Saylor’s Strategy even announced that it bought $51.4 billion of Bitcoin from Aug. 11 to 17. So, there’s still hope! 🌟

Read More

2025-08-20 14:52