Bitcoin Whales Accumulates 5900 Worth of BTC – Is Recovery on the Horizon
On Monday, the price of Bitcoin (BTC) experienced a significant drop from $70,000 to $66,500 following a substantial rejection. Despite this, large Bitcoin holders, known as whales, seized the opportunity and withdrew over 5,900 BTC, equivalent to $397 million, from centralized exchanges.
Bitcoin Whales Transaction
One notable whale, identified as “12QVs,” removed 4,500 BTC valued at $303 million from Binance at a price of $67,298, with 3,500 BTC being withdrawn immediately after Monday’s price correction. Additionally, three whales, potentially acting as a collective entity, withdrew 1,400 BTC, worth $94 million, from Bitfinex at around $67,185. These whales have collectively pulled out 3,910 BTC from Bitfinex since June 12, with an average price of $65,764, resulting in an unrealized profit of $4.59 million.
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The selling pressure on BTC intensified after the US government transferred 29,800 Bitcoins, valued at over $2 billion, on Monday. This development raised concerns about a potential significant sell-off similar to what occurred in Germany. Furthermore, Mt. Gox has been preparing for the next phase of distributing BTC to creditors.
Despite these events, the BTC price remains above the crucial support level of $65,800, which has historically prompted multiple rebounds. The defense of this support zone by BTC whales suggests that the asset is still relatively safe.
To see a strong breakout, BTC requires a substantial catalyst from macro indicators, such as a Fed rate cut and liquidity infusion. The CryptoQuant data indicates that the Coinbase Premium Index still trades below the SM14, suggesting ongoing selling pressure on BTC.
According to Cryptoquant analyst Burak Kesmeci, integrating the CPI data with the SM14 provides a more successful method for monitoring short-term trends. Currently, the CPI stands at -0.008, and the SMA14 is at 0.020, indicating that sellers hold a stronger position in the US market.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
