Enormous Whale Sells $114 Million Worth of Bitcoin, CryptoQuant CEO Raises Alarm! “BTC Currently Dull, but Presents Incredible Historical Opportunity!”
Bitcoin, which kicked off the week and the month on a positive note, surged to $63,800 yesterday. However, influenced by market activity, BTC retracted to $62,500.
In this decline, substantial amounts of BTC transfers played a significant role, as a whale or institution moved $114 million worth of BTC to Binance.
This substantial transaction from the institutional whale shattered the entire market and pushed the Bitcoin price below $63,000. Consequently, investors have become increasingly concerned about a potential selling frenzy in BTC.
Spot on Chain’s recent post reveals that a whale deposited 1,800 BTC worth $114 million to Binance just before the price dipped from $63,800 to $62,000.
During June 19-21, this whale had withdrawn 6,725 BTC worth $437 million from Binance and OKX at an average price of $65,000.
Currently, the whale holds 7,868 BTC worth $496 million.
Spot On Chain highlighted that this whale transferred 3,481 BTC worth $217 million to Binance for only $62,300 in the last five days, indicating a tendency to sell BTC.
At this juncture, experts caution investors that if the BTC price rises again, this corporate whale may capitalize on the recovered price and sell a substantial amount, as seen in the past five days.
The whale’s BTC transfers have the potential to stir up increased volatility in the market, leading to a new wave of selling and further price declines.
A “Boring” Opportunity Period in Bitcoin!
CryptoQuant CEO Ki Young Ju also provided an updated assessment of the current market situation.
Describing Bitcoin’s present trend and movements as “boring,” Ki Young Ju emphasized that the current situation presents an “opportunity” to enter the market.
Sharing from his account X, the renowned CEO underscored that we are still in a bull cycle and stated:
“The Bitcoin market is boring due to less volatility. There is less interest from both buyers and sellers. Retail exit liquidity is not readily available. However, this is the ideal time for whales to accumulate BTC. We are still in a bull cycle. Being boring is a buying opportunity.”
Bitcoin is currently trading at $62.5 at the time of writing.
*This should not be considered investment advice.