Bitcoin price sinks under $110,000 following massive whale sell-off

Bitcoin has fallen sharply below $110,000 in the past 24 hours, with its price hitting $108,890. This move marks one of the steepest downturns in recent weeks. Just days ago, Bitcoin traded above $117,000 before dropping sharply over the weekend.

The sell-off was triggered by an influential whale who offloaded 24,000 BTC, valued at over $2.7 billion. The sudden liquidation created heavy market turbulence and increased selling pressure, pushing the price down further. The size of the transaction contributed to heightened volatility across the cryptocurrency market.

Market Sentiment and The Fear and Greed Index

Despite the decline, market sentiment has not yet fully shifted into panic territory. The Bitcoin Fear and Greed Index currently sits at 48 out of 100, reflecting a neutral stance but edging toward fear.

The Fear and Greed Index is designed to help market participants gauge investor psychology. Scores closer to zero represent extreme fear while levels nearing 100 signal extreme greed. With Bitcoin sentiment hovering just below neutral, traders are closely watching whether fear becomes the dominant force.

Bitcoin Network Fundamentals Remain Strong

While the price correction may unsettle traders, network data shows strength behind the scenes. Bitcoin’s hash rate, which measures the total computational power securing the blockchain, remains near record highs. The current daily rate is more than 909 million Th/s, only slightly below the all-time peak of more than 1.08 billion Th/s reached earlier this month.

This rising computational power signals strong miner commitment and long-term confidence in the network, even during periods of price pressure.

Long-Term Profitability of Bitcoin

Historical data provides further reassurance for long-term holders. Out of 5,487 trading days, Bitcoin has been profitable on 5,437 of them, representing 99.1% of its existence.

Although the latest market drop has shaken short-term sentiment, Bitcoin’s strong fundamentals and its track record of profitability highlight its resilience. Traders and investors will be paying close attention to whether whales continue to influence the market with large-scale sales and how shifts in sentiment could shape near-term price movement.