Bitcoin whales are making significant moves in the cryptocurrency market as one major whale recently transferred $1.06 billion worth of Bitcoin from its Coinbase account. This transaction occurred as the price of Bitcoin dropped below $67k, marking a -4.31% change in the last 24 hours. Data from on-chain reporters revealed that the whale sent the BTC in two batches, with the first transaction being approximately 8,000 BTC worth $536 million, followed by another 8,000 BTC transaction.
These transactions indicate that Bitcoin whales are currently on a buying spree, taking advantage of the lower prices in the market. While many are making aggressive buys, some are waiting before making further moves in the cryptocurrency market. Bitcoin Exchange-Traded Funds (ETFs) had a slightly bearish day yesterday, and it remains to be seen if they will make any big purchases today. However, it seems that ETFs are not buying this dip, with crypto whales dominating the market by snapping up BTC at relatively lower prices.
The recent price drop below $67k was sparked by miners selling Bitcoin, with Marathon Digital, the largest Bitcoin mining company in the world, making the most significant sale. Marathon Digital sold 1,000 BTC worth around $67 million, causing some short-term panic in the market. However, it was understood that mining companies need to sell their BTC from time to time to cover expenses such as electricity and maintenance. This selling pressure led to an eventful day for the bears in the market.
Despite the recent price drop, Bitcoin is at a crossroads once again, with big buyers looking to take advantage of the falling price index. As the index nears the long-term $60k price support, bigger buys can be expected in the near future. Bitcoin whales continue to play a crucial role in the cryptocurrency market, making significant transactions and influencing price movements. It will be interesting to see how the market evolves in the coming days and how these big players continue to impact the overall market dynamics.
Discussion about this post