In a recent move that has sparked discussions across the crypto community, a crypto whale has reportedly moved more than $129 million worth of Bitcoin to the cryptocurrency exchange Binance. This transfer coincides with a notable price dip over the last 24 hours.

While investors are hoping for a possible price rally, large investors are dumping hefty amounts of BTC to centralized exchanges implying potential sell-offs. The continued transfer of substantial amounts by large entities including the government has raised speculations about the impact on the future price trajectory of the coin. Meanwhile, BTC miners have also joined the selling party as they offloaded a volume of BTC in the last three days.

Whale Moves 2,065 BTC to Binance

According to a recent report by Whale Alert, a crypto large transaction tracker, an anonymous entity has moved exactly 2,065 BTC (valued at approximately $129.4 million) from a wallet labeled ‘unknown’ to the exchange giant Binance.

Per the report, the whale completed the transaction in two separate transfers. The first one carried 1,800 BTC (worth $114.3 million) to the aforementioned crypto exchange, and shortly after, another one moved 265.47 BTC (valued at $16.3 million) to the same exchange.

1,800 #BTC (114,295,557 USD) transferred from unknown wallet to #Binancehttps://t.co/ppeq8PJGEI

— Whale Alert (@whale_alert) July 1, 2024

Furthermore, according to Arkham Intelligence data, the same whale had previously transferred 6,725 BTC (worth $$437 million) from Binance to OKX. Moreover, the large investor has shifted 3,481 BTC, worth $217 million, back to the Binance exchange over the last five days. Consequently, its total BTC holding now equals 7,867 BTC, valued at $494 million.

As previously mentioned, Bitcoin miners have also sold a significant amount of their holdings in the last three days. According to reports, they have sold over 2,300 BTC, worth $145 million within this time. Amid this, the German and United States governments have transferred hefty amounts of BTC to different exchanges within the last week. On July 1, Coinfomania reported that the German government moved another 1,500 BTC, equivalent to $94 million to several crypto exchanges. 400 BTC were split between Bitstamp, Coinbase, and Kraken, while the other 1,100 BTC was sent to unidentified wallets.

Before that, the US government had dumped $241 million worth of BTC to the Coinbase exchange. This series of transfers within a short time has increased the selling pressure on Bitcoin, thus catalyzing a downward trend over the last month.

Bitcoin (BTC) Price Today

Meanwhile, data from CoinMarketCap paints a clear picture of the movement pattern for Bitcoin over the last day. According to CMC data, the price of BTC has slumped by 0.28% in the last 24 hours, trading at $62,557. However, its trading volume in the last 24 hours has witnessed an uptick, jumping by 4.13% to $22.2 billion.

Source: CoinMarketCap

In hindsight, Bitcoin has plummeted by 7.29% in the last 30 days, while maintaining a modest 2.02% increase in the last seven days. Also, Bitcoin has traded within the range of $62,364 and $63,790 in the last 24 hours, representing a 15.1% decline from its all-time high of $73,737 reached in March 2024.

The post Over $129 Million BTC Shifted to Binance, As Price Drops Below $63k appeared first on Coinfomania.