Whales' Half Billion Dollar Bitcoin Transaction Shook the Market

Cryptocurrency whales are converting their Bitcoins into cash. These led to the price of Bitcoin falling.

In recent days, the two wallets may have liquidated approximately $550 million worth of cryptocurrency, depositing 9,500 BTC to Binance since June 27.

Created selling pressure

These wallets, detected by blockchain analysis firm Lookonchain, show that whales are converting their Bitcoin assets into cash. Originally these Bitcoins were worth close to $575 million, but are now worth $537 million.

Lookonchain analyzed the timing of transfers from the two wallets. Blockchain analysis firm Arkham Intelligence discovered a correlation between transfers to addresses tagged as Binance and declines in the price of Bitcoin. These massive sell-offs led to significant declines in Bitcoin price.

One of the wallets still holds more than 4,300 Bitcoins, and the current value of these bitcoins is approximately $250 million. This wallet last deposited money into the Binance account two days ago.

The cryptocurrency market has exploded in recent days with Mt. Gox repaid its creditors with Bitcoin and Bitcoin Cash.

This news caused liquidations of hundreds of millions of dollars in the crypto market. The refund timeline varies for each exchange, and some creditors may have to wait up to three months to receive their coins.

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