In the past few weeks, there has been a significant transfer of Bitcoin by whale investors.
According to reports, an unknown whale transferred 809 BTC worth $45.18 million to the top crypto exchange Binance.
This move indicates a potential sell-off, which may add further tension to the market.
The same wallet (3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN) deposited 7,790 BTC into Binance on June 27 (11 days ago). At the time of writing, these tokens are valued at $468 million. Currently, the address holds 6,559 BTC worth $379 million.
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The German government transfers Bitcoin to a trading company
Furthermore, 10,845 BTC worth approximately $617 million has been sent between two unidentified addresses, according to data from WhaleAlert.
While it is good to observe increased whale activity on the Bitcoin blockchain, similar transfers to crypto exchanges and brokers spread fear among smaller investors, sometimes leading to panic selling.
Evidence of this is Germany’s recent efforts to sell its BTC reserves. Initially holding $2.7 billion, it may not seem like a significant amount, but it has clearly caused significant volatility for the leading cryptocurrency.
At the time of writing this article, Bitcoin is trading at a price of $57,153, with an 8.8% decline on the weekly chart and a 24-hour trading volume of over $32.4 billion. 