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Bitcoin Drops to $65,000, Creating Accumulation Opportunities for Whales Bitcoin’s value recently dipped to $65,000, yet it shows signs of recovery, bringing a green wave across the crypto market. Although Bitcoin’s price has declined over the past few days, major investors—often referred to as whales—have continued to accumulate BTC. Wallets holding 10 or more BTC are now at their highest level in two years. Data from the blockchain analytics firm Santiment indicates that these wallets have amassed an additional 10 BTC collectively, reaching the same holdings they had in June 2022, which is about 16.16 million BTC or 82% of the cryptocurrency’s supply. The firm also highlighted that Bitcoin’s market value has increased by more than 220% since these whales held such a substantial amount of BTC. Two years ago, this accounted for nearly 85% of the crypto’s supply. This upward trend suggests sustained confidence in Bitcoin’s long-term potential, despite price fluctuations and regulatory challenges. It may also indicate underlying strength in the market, potentially bolstering overall sentiment. 🐳 Wallets holding 10 or more Bitcoin have collectively just matched their same level of holdings from exactly 2 years ago. Much has changed since then, including a rise in Bitcoin’s market value by +226%. Many believe that FTX was successfully suppressing cryptocurrency prices… pic.twitter.com/O90gxrKy8N — Santiment (@santimentfeed) June 17, 2024

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Genesis Completes GBTC Conversion, Retrieves 32,000 Bitcoin According to the announcement from the bankrupt cryptocurrency company Genesis, they have completed the conversion process from GBTC to Bitcoin, with the amount of Bitcoin recovered reaching 32,000. The bankrupt crypto lending firm Genesis has converted approximately 36 million shares of the Grayscale Bitcoin Trust (GBTC) into Bitcoin as part of its preparations to settle debts with creditors. According to a recent Bloomberg report, the company liquidated the GBTC shares on April 2, at a value of around $58.50 per share at that time. Notably, the GBTC share price has surged by approximately 50% since Genesis initially sought permission from the U.S. bankruptcy court to sell

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Bitcoin Surges to $67,000, Triggering $300 Million in Liquidations Recently, the cryptocurrency market has undergone a significant liquidation wave, reaching nearly $300 million USD, while Bitcoin has started a strong recovery with a price level at $67,000 USD. The sudden increase in Bitcoin’s value, completely opposite to its previous downward trend, has caught many traders by surprise, especially those who had bet on the market to continue declining. Over 80,000 traders have had to face liquidation. Data from Coinglass shows that approximately 86,047 traders incurred losses exceeding $250 million USD within just 24 hours. Major exchanges such as Binance, OKX, Bybit, and Huobi have suffered the most significant financial losses, notably Binance with liquidation amounts reaching $128.7 million USD. Other platforms like OKX, Bybit, and Huobi also recorded significant liquidation amounts of $99.87 million USD, $33.18 million USD, and $17.70 million USD, respectively

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