Bitcoin, which started July and the second half of the year with an increase, has been moving in a downward trend in the last three days.
At this point, the reason for the decline in BTC, which has fallen to $ 59,600 in the past hours, remains unclear.
However, some analysts believe Mt. While we estimate that BTC fell to $ 59,600 due to Gox’s start of repayments of $ 9 billion, some analysts think that the sales of whales were effective in this decline.
At this point, Lookonchain stated that a whale deposited 1,023 BTC worth $62.2 million to Binance in the last hours.
Additionally, this whale deposited 1,723 BTC worth a total of $106 million in the last 24 hours. Following this whale’s Bitcoin sales, the price dropped by 3.8%.
The whale deposited 1,023 $BTC($62.2M) to #Binance again 45 minutes ago.
The whale has deposited 1,723 $BTC($106M) to #Binance in the past 24 hours.
And the price of $BTC has dropped by ~3% in the past 24 hours.
Address:
1J22CPni1EsmT15A9qveydfWMoPMRw9Lp3 pic.twitter.com/mLuvCSNlAv— Lookonchain (@lookonchain) July 3, 2024
X user named Zaheer, also a popular market observer, shared that an unidentified whale sold $180 million worth of Bitcoin in three minutes.
While these transfers of whales are a very high amount that can be sold in such a short time, they can also affect the BTC price.
Apart from the transactions of the whales, the decline is behind Mt. It is considered that BTC and Bitcoin Cash (BCH) distributions may also be included within the scope of Gox’s refunds.
Because Mt.Gox stated in their statement in the past weeks that they would start refunds as of the first week of July.
Mt. Gox will distribute 140 thousand BTC and BCH worth $9 billion to the victims as part of the refunds.
Bitcoin continues to trade at $60,197 at the time of writing.
*This was not investment advice
