BTC price fell below $63,000, mainly due to an entity selling 1,800 BTC worth $114 million to Binance, raising concerns that more selling may occur. In addition, miners have also sold a large amount of BTC in the past three days, further exacerbating the bearish sentiment in the market.
Summary of key points:
A Bitcoin entity sold 1,800 BTC to Binance, with a total value of more than $114 million, causing the price of Bitcoin to fall below $63,000. The entity had previously accumulated more than $400 million in Bitcoin from multiple exchanges and transferred 3,481 BTC back to Binance in the past five days. Miners sold more than 2,300 BTC in the past 72 hours, with a total value of approximately $145 million. The German government has sold more than 2,700 BTC since June, while the US government also sold 4,000 BTC last month. CryptoQuant CEO Ki Young Ju believes that the current low market volatility is a good opportunity for large investors to accumulate Bitcoin and believes that the bull market cycle is still continuing. Analyst Ali Martinez pointed out that historical data shows that Bitcoin usually rebounds strongly in July after poor performance in June.
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