Bitcoin, which started the new week and the new month positively, rose to $63,800 yesterday. However, affected by the market activity, BTC fell back to $ 62,500.
While large amounts of BTC transfers were effective in this decline, a whale or institution transferred $114 million worth of BTC to Binance.
This large transaction by the institutional whale shook the entire market and dropped the Bitcoin price below $63,000. Additionally, investors’ anxiety about a possible sales wave in BTC has increased.
According to Spot on Chain’s post, a whale deposited 1,800 BTC worth $114 million to Binance just before the price dropped from $63,800 to $62,000.
This whale had withdrawn 6,725 BTC worth $437 million from Binance and OKX between June 19-21 at an average price of $65,000.
The whale currently holds 7,868 BTC worth $496 million.
Pointing out that this whale transferred 3,481 BTC worth $217 million to Binance for only $62,300 in the last 5 days, Spot On Chain stated that the whale tends to sell BTC.
At this point, experts warned investors that if the BTC price rises again, this corporate whale may take advantage of the recovered price and sell a large amount, as it did in the last five days.
Because the whale’s BTC transfers may lead to increased volatility in the market and lead to a new selling wave and further price declines.
Boring Opportunity Period in Bitcoin!
CryptoQuant CEO Ki Young Ju also gave an updated assessment of the current market situation.
Describing Bitcoin’s current trend and movements as “boring”, Ki Young Ju also said that the current situation is an “opportunity” to enter the market.
Sharing from his account X, the famous CEO pointed out that we are still in a bull cycle and said:
“Bitcoin market is boring due to less volatility
There is less interest from both buyers and sellers. Retail exit liquidity is not readily available.
However, this is the ideal time for whales to accumulate BTC.
We are still in a bull cycle. Being boring is a buying opportunity.”
Bitcoin continues to trade at $62.5 at the time of writing.
#Bitcoin market is boring with less volatility.
= Less interest from both buyers and sellers.
= Retail exit liquidity not ready.
= Ideal time for whales to accumulate $BTC.= We’re still in a bull cycle. Boring is an opportunity. pic.twitter.com/zccHAbOOHA
— Ki Young Ju (@ki_young_ju) July 1, 2024
*This is not investment advice.
