Recent data reveals that major BTC holders, commonly known as whales, have transferred a substantial amount of Bitcoin, totaling 5,552 BTC (approximately $162 million), to the Binance cryptocurrency exchange.
The world’s largest cryptocurrency, Bitcoin, experienced a decline in its price on Friday. This drop followed a decision by several crypto whales to sell a portion of their holdings as Bitcoin struggled to surpass the $30,000 mark.
Are Large Holders of Bitcoin Transferring Their Holdings?
Data from WhaleAlert shows that during the last 24 hours, cryptocurrency whales have transferred 9,406 BTC (roughly worth $275 million) through several transactions. The tracker’s single largest transaction was the transfer of 2,459 BTC to the Binance cryptocurrency exchange, which was roughly worth $72.66 million.
It should be highlighted that whales have transferred BTC worth $275 million to the two major cryptocurrency exchanges, Binance and Coinbase. These transactions were made at the same time as the US claimed that its GDP was expanding in the second quarter despite rising interest rates. Even if GDP and PCE data indicate optimistic intentions, the price of Bitcoin will need to decline before rising, according to research.
Binance Saw a Bitcoin Move of $162 Million
The data shows that over the course of the last day, whales shifted 5,552 BTC (almost $162 million) from their wallets to the largest cryptocurrency exchange. In order to dump, this involves two large transactions totaling 2,459 and 1,499 Bitcoin.
The largest transaction reported was the transfer of 1,950 BTC, which was worth approximately $57 million. The largest cryptocurrency exchange in the United States, Coinbase, also recorded deposits of 2,854 Bitcoin, or over $113 million, across many transactions.
After a strong upward run during the previous month, the price of bitcoin is now declining. In the last seven days, the price of bitcoin has decreased by nearly 2%. The price of Bitcoin is currently moving away from the $29K mark. By press time, it was trading for an average price of $29,214.
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