Bitcoin Whales Transfer $1.8 Billion Amid Market Fluctuations

In the past three days, Bitcoin whales have moved an astounding $1.8 billion (30,000 BTC), coinciding with a price drop from $64,000 to around $60,700. This sell-off has contributed to a $100 billion decline in the overall cryptocurrency market.

Analysts highlight that as short-term BTC holders exit the market, selling pressure may be easing. IT Tech from CryptoQuant notes that these coins often transition to stronger hands, potentially stabilizing the market. Bitcoin has been stuck in the $56,000 to $65,000 range, and its future trajectory may hinge on upcoming U.S. presidential elections and whale activities.

If Donald Trump wins, there could be an upward trend for cryptocurrencies, further bolstered by whale buying activity, which could inspire confidence among smaller investors.

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