Bitcoin Whales Move $3B BTC, A Further Dip Ahead? đ
The Bitcoin whales have sparked curiosity in the market, with around $3 billion in BTC transfers in multiple transactions. According to Whale Alert, several whale transactions was noted today, while the BTC price recorded a sharp decline.
Notably, Bitcoinâs recent slide to $57,000 has rattled the crypto market, prompting a fresh wave of concern among investors. With the flagship cryptocurrency down nearly 5% today, whale movements and government Bitcoin dumps are fueling fears of a deeper decline.
Notably, a prominent whaleâs decision to offload 3,500 BTC to Binance amid the downturn has heightened market concerns, as traders brace for further potential losses ahead.
Bitcoin Whale Activity Sparks Concern Over Stability
According to recent reports by Whale Alert, a prominent on-chain transaction tracker, Bitcoin whales have moved a hefty amount in BTC sparking market speculations. Notably, the whales have transferred around $3B in BTC in multiple transactions, while Bitcoin price noted a sharp decline.
However, the dump of 3.5K BTC recently has gained notable traction. The sudden transfer of 3,500 BTC, valued at approximately $206 million, to Binance by a significant whale has fueled discussions. According to Spot On Chain, this whale moved 1,700 BTC in the latest transfer, worth around $99.9 million, to Binance.
Notably, the total dump by the same whale totaled 3.5K BTC, as per the report. The average price for these transactions was $58,891 per BTC. However, following the sell-off, the whale retains a balance of 4,368 BTC, valued at about $256 million.
Having said that, some market participants also speculate further dump by the whale, which could fuel the bearish sentiment further in the crypto market. On the other hand, Whale Alert has highlighted the reactivation of a long-dormant address holding 119 BTC.
