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<p>The post <a href="https://coinpedia.org/news/major-sell-off-incoming-genesis-moves-3-billion-of-btc-and-eth/">Major sell-off incoming? Genesis moves $3 billion of BTC and ETH</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In this ongoing selling pressure, the overall cryptocurrency market may experience a massive sell-off. Today,&nbsp; in order to return a massive $3 billion worth of assets to customers, Genesis has recently transferred a significant $2.958 billion worth of Bitcoin (<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) and Ethereum (<a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), according to the on-chain analytics firm Lookonchain.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-genesis-moves-3-billion-worth-of-btc-and-eth"><strong>Genesis moves $3 billion worth of BTC and ETH</strong></h2> 
<p>Today on August 2, 2024, Lookonchain made a post on X (previously Twitter) stating that Genesis Trading has just moved a notable 32,256 Bitcoin (BTC) worth $2.12 billion and 256,775 Ethereum (ETH) worth $838 million to multiple addresses in the last 3 days. This massive asset transfer may impact the overall cryptocurrency market.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Genesis Trading has transferred 32,256 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($2.12B) and 256,775 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($838M) to multiple addresses in the past 3 days and may be undergoing bankruptcy proceedings to repay debts.<br><br>And <a href="https://twitter.com/hashtag/GenesisTrading?src=hash&amp;ref_src=twsrc%5Etfw">#GenesisTrading</a> transferred 13,291 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($830.7M) to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a> between Jun 12 and Jul 15, during… <a href="https://t.co/EpLdn5PUJn">pic.twitter.com/EpLdn5PUJn</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1819386260676661292?ref_src=twsrc%5Etfw">August 2, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>Earlier between June 12 and July 15, 2024, when <a href="https://coinpedia.org/news/genesis-suffers-nine-figure-loss-due-to-its-connection-with-three-arrow-capital-report/" target="_blank" rel="noreferrer noopener">Genesis Trading</a> transferred 13,291 BTC worth $830.7 million to Coinbase, the market was significantly impacted, and the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> fell from $68,000 to $55,800. This massive price drop was approximately 18%, as shared by Lookonchain. However, this time we may see a similar kind of price fall.</p> 
<h3 class="wp-block-heading" id="h-bitcoin-price-performance-analysis"><strong>Bitcoin price-performance analysis</strong></h3> 
<p>As of now, BTC is trading near $63,200 and has experienced nearly a 2% price drop in the last hour. However, in the last 24 hours, it has seen a 0.6% upside momentum. Meanwhile, trading volume during the same period is up by 17%, highlighting increased participation from traders and investors.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-key-levels"><strong>Bitcoin technical analysis and key levels</strong></h2> 
<p>According to expert technical analysis, BTC looks bearish and is currently at a crucial support level near $63,000. If BTC fails to sustain this level we may see a massive sell-off.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/02215803/BTCUSDT_2024-08-02_21-57-40.png"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/08/02215803/BTCUSDT_2024-08-02_21-57-40-1024x449.png" alt="" class="wp-image-334192" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/02215803/BTCUSDT_2024-08-02_21-57-40-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/02215803/BTCUSDT_2024-08-02_21-57-40-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/02215803/BTCUSDT_2024-08-02_21-57-40-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/02215803/BTCUSDT_2024-08-02_21-57-40-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/02215803/BTCUSDT_2024-08-02_21-57-40-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/02215803/BTCUSDT_2024-08-02_21-57-40.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: TradingView
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<p>Based on the historical data and price momentum, if BTC gives a daily candle closing below the $62,300 level, there is a high chance that the price of BTC could fall below $60,000 or even more in the coming days.</p> 
<p>As of now the major liquidation levels are at $62,500 on the lower side and $64,500 on the higher side, according to on-chain analytic firm CoinGlass.</p> 
<p>&nbsp;If the market sentiment remains unchanged and BTC falls to the $62,500 level, nearly $401 million of the long position will be liquidated. Conversely, if market sentiment changes and BTC price soars to the $64,500 level, nearly $720 million of short position will be liquidated.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/if-bitcoin-drops-below-60000-heres-what-may-happen-to-the-ethereum-eth-price-rally/" target="_blank" rel="noreferrer noopener">If Bitcoin Drops Below $60,000, Here’s What May Happen to the Ethereum (ETH) Price Rally!</a></p>

Major sell-off incoming? Genesis moves $3 billion of BTC and ETH

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