Crypto whales' massive sales of Bitcoin and Ethereum are significantly influencing market trends. According to the latest data, whales have transferred $148 million worth of crypto assets to various exchanges. Last week, Bitcoin's price dropped to $58,500 but has since attempted a recovery. After reaching almost $64,000 on Monday, increased selling pressure has pushed Bitcoin prices below $63,000.
On Monday, a crypto whale associated with wallet address 3G98j transferred 1,800 BTC to Binance at $63,333; This can generally be interpreted as a conversion to cash transaction. Spot On Chain stated that “Bitcoin prices started to fall after the whale dumped BTC.” Between June 19-21, the same whale withdrew a total of 6,725 BTC (worth $437 million) from Binance and OKX.
Ethereum also showed similar whale activities. On Monday, 0xedo wallet associated with Abraxas Capital deposited 42,000 ETH to Bitfinex, worth approximately $34.78 million. Despite these large transactions, the whale in question still holds $112 million worth of ETH on lending and farming platforms.
Bitcoin ETFs recorded $129 million in inflows on Monday. Fidelity Wise Origin Bitcoin Fund made the largest inflow of $65 million. Despite the crypto whale sell-off, Bitcoin bull Tom Lee predicts Bitcoin could reach $150,000 by the end of the year.
The contrast between these whale sales and ETF inflows shows how the crypto market is shaped by complex and contradictory forces. Such insights are extremely important for anticipating market changes and protecting investments.
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