Bitcoin, the world’s most renowned cryptocurrency, has experienced a recent downturn due to significant actions taken by some of its largest holders, commonly known as “whales.” These influential players have been observed offloading a substantial portion of their Bitcoin holdings as the cryptocurrency struggles to regain its momentum and surpass the crucial $30K mark.
The implications of these large-scale transactions have sparked considerable speculation and intrigue within the crypto community.
Bitcoin Whales Unload: A $275 Million Move
Data from the reputable crypto transactions tracker, WhaleAlert, has provided insight into the recent flurry of activity among Bitcoin whales. In the past 24 hours, approximately 9,406 Bitcoins, valued at around $275 million, have been transferred through multiple transactions. Among these movements, the most notable single transfer involved 2,459 Bitcoins, amounting to a staggering $72.66 million, and it was executed on the Binance crypto exchange.
US GDP Reports
Curiously, the timing of these massive transactions coincided with reports of the United States’ accelerating GDP growth during the second quarter, even amid rising interest rates. This unexpected correlation has sparked intriguing speculation, suggesting that Bitcoin’s price may need to undergo a temporary dip before it can regain its upward momentum, despite positive GDP and PCE (Personal Consumption Expenditures) numbers indicating economic growth.
Read More: Bitcoin Price Prediction: Morgan Creek CEO Says BTC Could Hit $300,000
Examining the Market Impact
An in-depth analysis of the data further reveals that the whales predominantly chose Binance, the world’s largest crypto exchange, as their preferred destination for these significant transfers. A total of 5,552 Bitcoins, equivalent to approximately $162 million, were deposited into the exchange.
Notably, two substantial transactions accounted for a significant portion of this total—2,459 Bitcoins and 1,499 Bitcoins, respectively.
Coinbase Sees Major Deposits
The crypto market upheaval wasn’t limited to Binance alone. Coinbase, the leading US-based crypto exchange, also witnessed substantial deposits. An impressive 2,854 Bitcoins, valued at around $113 million, were recorded on this platform. The most noteworthy of these transactions involved the transfer of 1,950 Bitcoins, approximately worth $57 million.
A Recent Decline
The cumulative effect of these whale movements on the market has been palpable. Bitcoin’s price, which had been showing promising signs of an upward trend over the past month, has experienced a significant decline in the last seven days, dropping by over 2%.
As of now, it hovers precariously close to the $29K price level, trading at an average of $29,264.
