According to Van Straten's research, the whale acquired over 100,000 bitcoins during the bullish trend of 2021, when the cryptocurrency was trading at USD 48,000. Consequently, it is suggested that the whale was at a loss since the price of BTC fell below that level over two years ago, prompting it to take profits as soon as it surpassed that quote.

This behavior triggered a frenzy in the market, combined with liquidations of leveraged positions in futures and the "sell the news" phenomenon, as indicated by the analyst.

The "buy the rumor and sell the news" strategy involves acquiring an asset before an expected event and selling it to make profits once that event occurs, even if it is positive. This was evident during the launch of bitcoin spot exchange-traded funds (ETFs), as reported by CriptoNoticias.

As a result of this combination of factors, the price of Bitcoin experienced its largest daily drop since the collapse of the FTX exchange. The drop occurred after a wave of massive sales by whales and smaller investors, marking the biggest profit-taking since Bitcoin reached its all-time high two years ago.

Additionally, Colombian analyst Juan Rodríguez points out another factor that recently affected the price of BTC: the net flow experienced by bitcoin spot ETFs, launched last week. Yesterday, they recorded the worst day of net money flow, with outflows of USD 134 million, forcing the sale of bitcoins.

These bearish pressures have led the price of Bitcoin to retreat several times to the USD 40,000 zone in the last 24 hours. Rodríguez argues that if the bearish pressure persists, there is a possibility that it could fall to the support zone of USD 34,000.