A massive whale transfer carrying thousands of Bitcoin, valued above $1 billion has turned heads in the crypto market. The significant transaction comes amid a global crypto market downturn that has removed about 2.84% of the total crypto market cap.

Even though the purpose behind this transaction is still unknown, one thing for sure is that it has joined other factors in sending the price of the flagship coin down to $65,000. Speculations amount to the identity behind the movement. While some predict that it is an internal transfer, others believe it might be a sell-off. Let us take a look.

Bitcoin Whale Shifts 16,000 BTC in a Single Transaction

Earlier today, Blockchain Explorer data dragged our attention to a humongous transaction moving almost 16k BTC to a new wallet address at once. According to the data provided, exactly 15945.14604856 (15,945) BTC coins were moved from their originating wallet to an unknown destination wallet. The total value of this transaction equals a staggering $1,041,413,046 ($1.04 billion). The whale carried out this transaction by paying a gas fee of just 78,372 SATS (worth $51.19).

However, some market observers have speculated that the receiving address belongs to the renowned Binance exchange, the largest cryptocurrency exchange by trade volume. While this is unconfirmed, it has certainly raised interest among market participants.

Meanwhile, this whale isn’t the only one busy with heavy transactions. Whale Alert, a prominent crypto large transaction tracker, reported two separate transactions carrying at least 700 BTC per transfer a few hours ago. The first one moved 749 BTC, valued at $50.06 million from an unidentified wallet to the Coinbase exchange.

749 #BTC (50,062,404 USD) transferred from unknown wallet to #Coinbasehttps://t.co/NxaqIWiWNY

— Whale Alert (@whale_alert) June 14, 2024

Shortly after, another transaction shifting 879 BTC (worth $57.6 million) was spotted from Coinbase Institutional to Coinbase. Cumulatively, both transactions are worth over $107 million. This has caused major concern as the price of BTC continues to dip, almost dashing the expectations of an imminent price rally. Let us take a look at Bitcoin (BTC) price movement within this time.

Bitcoin Price Today

According to data from CoinMarketCap, Bitcoin (BTC) has declined by a notable 1.99% in the last 24 hours, trading at $65,481. After almost touching the $70k mark earlier, the price of the coin took a shape dive to the current point.

Source: CoinMarketCap

Additionally, a close look at its trading volume over the last day signifies a 22.7% drop to $25.3 billion with a live market cap of $1.29 trillion. Bitcoin has traded between the range of $65,018.89 and $67,265.23 which is still 11.2% below its all-time high of $73,737 achieved on March 14 as a result of an inflow of institutional funds to Bitcoin ETFs. The extent to which these recent whale transactions will affect the price trajectory is still unknown, however, what lies before us is a downward trend that does not show evidence of a reversal soon.

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