Whale Sells $114 Million in Bitcoin, CryptoQuant CEO Issues Warning! “BTC is Dull Now, but Presents a Historic Opportunity!”
A significant whale or institution has moved $114 million worth of Bitcoin to Binance, according to reports.
The price of Bitcoin rose to $63,800 yesterday, starting the new week and month on a positive note, but dropped to $62,500 due to market activity.
This large transaction by the institutional whale shook the entire market and caused the Bitcoin price to fall below $63,000. Investors are now concerned about a potential wave of sales in BTC.
Spot on Chain reported that 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 This whale had previously withdrawn 6,725 BTC worth $437 million from Binance and OKX between June 19-21 at an average price of $65,000, and now holds 7,868 BTC worth $496 million.
The whale transferred 3,481 BTC worth $217 million to Binance for only $62,300 in the last 5 days, indicating a tendency to sell BTC. Experts have warned investors that if the BTC price rises again, this corporate whale may take advantage of the recovered price and sell a large amount, leading to increased volatility in the market and further price declines.
CryptoQuant CEO Ki Young Ju described the current market situation as “boring” and emphasized that it is an “opportunity” to enter the market. He pointed out that we are still in a bull cycle and that the lack of volatility and interest from buyers and sellers presents an ideal time for whales to accumulate BTC.
At the time of writing, Bitcoin continues to trade at $62.5. To invest in over 300 cryptocurrencies, you can register with Binance exchange with a 20% commission discount from this link. Follow our Telegram and Twitter accounts for exclusive news, analytics, and on-chain data.