Date- Fri, 02 Aug 2024, 05:15 PM GMT:
In a significant move that has caught the attention of the cryptocurrency market, Genesis Trading has transferred nearly $3 billion worth of Bitcoin (BTC) and Ethereum (ETH). This massive transfer is aimed at returning assets to customers, according to on-chain analytics firm Lookonchain.
Lookonchain announced on X (formerly Twitter) that over the last three days, Genesis Trading has moved 32,256 $BTC , valued at $2.12 billion, and 256,775 $ETH , valued at $838 million, to various addresses. This activity is raising concerns about potential market impacts.
To put this into perspective, between June 12 and July 15, 2024, Genesis Trading transferred 13,291 BTC, worth $830.7 million, to Coinbase. This action led to a significant market reaction, with the BTC price dropping from $68,000 to $55,800, an 18% decline. Market observers are now bracing for a possible similar outcome.
Currently, BTC is trading near $63,162, having experienced a nearly 0.65% price drop in the last hour. Despite this recent dip, BTC has seen a 0.81% gain over the past 24 hours.
As the market processes this substantial transfer, all eyes will be on the price movements of BTC and ETH in the coming days.
