Lawrence Damilola
A Bitcoin whale, previously reported to have impacted the market by selling $467 million BTC in July, has made another move.
On Thursday, reports indicated that the whale withdrew 1,000 BTC, valued at approximately $59.6 million, from Binance, the world’s largest cryptocurrency exchange. The exchange became embroiled in a controversy involving funds from users in Palestine, with trading hours in the United States, in particular, experiencing a significant increase in sell-offs.
Also, the whale withdrawal comes as Bitcoin continues to face selling pressure. Its price has decreased by 14% over the past 30 days and is trading around the $60,000 mark.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, predicted a drop to as low as $56,000. He argued that the loss of the $61,000 mark on lower timeframes was “crucial.”
Related: Industry Celebrates the New $70M Domain Mogul But His Crypto Shadows Linger
Data from Spot On Chain reveals that this same whale had earlier contributed to a decline in Bitcoin’s price by depositing 7,790 BTC (worth around $467 million) to Binance between June 27 and July 8, causing the price to drop from $60,800 to around $55,000. The whale’s wallet currently retains 7,559 BTC, with a market value of roughly $451 million.
Recent data from Cryptoquant shows a series of substantial Bitcoin transfers during the ongoing decline. On Tuesday, 7,788 BTC aged between 1 and 3 months and 75,228 BTC aged between 3 and 6 months were moved. The following day, there were further transfers involving 19,067 BTC aged between 1 week and 1 month, alongside 1,863 BTC aged 1 to 3 months and 1,614 BTC aged 18 months to 2 years.
Also, additional movements were noted on Thursday, with 23,345 BTC aged between 1 week to 1 month, 1,220 BTC aged 6 to 12 months, and 16,003 BTC aged 5 to 7 years being transferred. Cryptoquant observed that the movement of older BTC often precedes sales, suggesting that continued activity of this nature might lead to further price adjustments.
Related: Crypto Titans Bunker Down Now: Vitalik’s Austerity Vow, Binance $1B Bitcoin Shield
Bitcoin exchange balances have decreased by 12.5% since the start of the year, contributing to a decrease in the overall supply available in the market.
In the last 24 hours, Bitcoin’s price has experienced a minor increase, even after a 14% drop over the previous month. Bitcoin is trading at an average price of $60,161. According to CoinMarketCap, its 24-hour trading volume has decreased by 22% to $34.4 billion.
Read More
- China to Unban Crypto? Rumors Swirl Amid Speculation and Skepticism
- Nasdaq Seeks Approval From SEC to Launch Bitcoin Index Options
- Bitcoin ATMs Emerge as Key Tools for Scammers in Growing Fraud Cases
LAWRENCE
Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.
