🚀🚀Whales' Half Billion Dollar Bitcoin Transaction Shook the Market 🚀🚀

Cryptocurrency whales began to convert their Bitcoins into cash, which led to a decline in Bitcoin prices.

In recent days, the two wallets have deposited 9,500 BTC to Binance since June 27, liquidating approximately $550 million in cryptocurrency.

Sales Pressure and Its Effects

According to blockchain analysis by Lookonchain, these wallets show that whales are converting their Bitcoin holdings into cash. Originally these Bitcoins were worth around $575 million, but they are currently trading around $537 million.

Analysis by Arkham Intelligence shows that transfers from these wallets to Binance are directly correlated with declines in the price of Bitcoin. These large-scale sell-offs caused significant declines in Bitcoin prices.

Wallet Details and Status

One of these wallets still holds more than 4,300 Bitcoins, and the current value of these Bitcoins is approximately $250 million. This wallet last deposited money into the Binance account two days ago.

The cryptocurrency market has exploded in recent days with Mt. It continues to fluctuate with the impact of Gox repaying its creditors with Bitcoin and Bitcoin Cash.

These developments caused liquidations of hundreds of millions of dollars in the crypto market. While the refund timeline varies for each exchange, some creditors may have to wait up to three months to receive their coins.

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