Crypto News: Whales Shift $275 Million in Bitcoin to Major Exchanges

Bitcoin’s recent downturn has been attributed to the actions of several Bitcoin whales, who have decided to offload a portion of their holdings as Bitcoin struggles to reclaim the $30K mark.

Data from WhaleAlert, a crypto transactions tracker, reveals that these whales have transferred approximately 9,406 Bitcoins, equivalent to around $275 million, in multiple transactions within the last 24 hours. The most significant single transaction recorded was a transfer of 2,459 Bitcoins, roughly $72.66 million, to the Binance crypto exchange.

Interestingly, these large-scale transactions coincided with reports of the US’s accelerating GDP in the second quarter, despite rising interest rates. This has led to speculation that Bitcoin’s price may need to dip before it can rise again, even if GDP and PCE numbers indicate positive growth.

The Big Moves to Binance and Coinbase

In addition to Binance, Coinbase, the largest crypto exchange in the US, also saw significant deposits. It recorded deposits of 2,854 Bitcoins, approximately worth $113 million. The largest transaction on this platform was a transfer of 1,950 Bitcoins, equivalent to about $57 million.

These large-scale movements have had a noticeable impact on Bitcoin’s price, which has been on a decline after a promising upward trend over the past month. Over the last seven days, the Bitcoin price has fallen by over 2%, and it is currently teetering on the edge of the $29K price level, trading at an average price of $29,264.