$BTC Recent Update
The price of #Bitcoin dropped below $63,000 following the sale of $114 million worth of $BTC by a single entity to Binance, sparking concerns of further selling pressure in the market. Adding to the downward pressure, miners also sold a substantial amount of BTC over the past three days.
Key developments include:
- A significant sell-off of 1,800 BTC, totaling $114 million, was executed by a major entity, leading to Bitcoin's price decline below the $63,000 mark.
- This entity had previously amassed over $400 million in Bitcoin across various exchanges and recently transferred 3,481 BTC back to Binance within the last five days.
- Miners contributed to the selling pressure by offloading more than 2,300 BTC, valued at approximately $145 million, over the past 72 hours.
Furthermore, government entities have been active in the market:
- The German government has sold over 2,700 $BTC since June, while the US government liquidated 4,000 BTC last month.
Despite the bearish sentiment, industry experts hold optimistic views:
- CryptoQuant CEO Ki Young Ju suggests that the current low volatility presents an opportunity for large investors to accumulate Bitcoin, emphasizing his belief in the ongoing bullish cycle.
- Analyst Ali Martinez points out historical trends, noting that Bitcoin typically sees robust recoveries in July following lackluster performances in June.