👉👉Bitcoin Price Drops as Whales Liquidate 9,500 BTC on Binance 👈👈

Bitcoin whales are converting their holdings into cash, and this contributes to the decline in Bitcoin prices.

Recently, the two wallets were observed to have transferred approximately 9,500 BTC to Binance since June 27, thus liquidating approximately $550 million worth of cryptocurrencies. These large Bitcoin holding investors, the whales, are creating a remarkable development by pumping significant amounts of Bitcoin into the market.

According to data from blockchain analysis firm Lookonchain, a clear relationship has been established between the timing of these transfers and declines in Bitcoin prices. Originally worth about $575 million, these Bitcoins are now worth about $537 million. These liquidations caused a significant price drop in the market, revealing the profound impact of whale movements on the cryptocurrency industry.

One of the identified wallets still holds approximately 4,300 BTC, worth approximately $250 million. This wallet transferred funds to the Binance account just two days ago, which means more liquidations may occur in the future. The fact that whales continue to move large amounts of Bitcoin highlights how volatile and sensitive the crypto market is to major sell-offs.