Movement

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Crypto whales accumulated 5,900 BTC from CEXs during a price drop, with trading volume surging by 65%.</li> 
 <li>The U.S. government moved $2 billion worth of Bitcoin to new wallets, impacting the overall market.</li> 
</ul> 
<p> The crypto market recently experienced a significant event as whales accumulated 5,900 <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> from Centralized Exchanges (CEXs) during a price drop. This accumulation was valued at approximately $397 million. </p> 
<p>Simultaneously, the trading volume of BTC surged by 65%, indicating increased participation from traders and investors. </p> 
<h2 id="u-s-government-s-bitcoin-movement">U.S. Government’s Bitcoin Movement</h2> 
<p>On 29th July, the U.S. government made a major move by transferring $2 billion worth of Bitcoin to new wallets. This move garnered significant attention from the crypto community and had a substantial impact on the overall market. </p> 
<p>Following this event, BTC was trading near the $66,520 mark and experienced a 4.6% price drop within 24 hours. Despite this drop, participation from investors and traders surged by 65%, indicating potential “buy the dip” activity.</p> 
<h2 id="whale-activity-amid-price-drop">Whale Activity Amid Price Drop</h2> 
<p>In response to the price drop, whales and institutions took advantage of the situation and accumulated a significant amount of BTC. On-chain analytic firm Spotonchain reported that four whales added a notable 5,900 BTC from CEXs within 24 hours. </p> 
<p>The whale address “12QVs” withdrew a massive 4,500 BTC worth $303 million from <a href="https://coineagle.com/exchange/binance/">Binance</a> at an average of $67,298. Out of this, 3,500 BTC worth $233 million were withdrawn just after the BTC price dropped. </p> 
<p>Meanwhile, three other whales, likely to be one entity, withdrew 1,400 BTC worth $94 million from Bitfinex at an average of $67,185. Since 12th June, they have withdrawn a massive 3,910 BTC at an average of $65,764, and currently hold an unrealized profit of over $4.59 million. </p> 
<p>BTC is currently moving in a downside channel pattern and is experiencing resistance from the top. If the sentiment remains the same, there is a high chance BTC could fall to the $63,350 level. However, for an upside momentum, a breakout of this downside channel pattern and a strong daily candle closing above the $71,800 mark is necessary. </p> 
<p>In the past week, two major liquidation levels were observed near the $70,330 level on the higher side and $63,800 on the lower side. If BTC price falls to the $63,800 level, nearly $3.20 billion worth of long positions will be liquidated. Conversely, if BTC’s price hits the $71,800 mark, nearly $3.3 billion short positions will be liquidated. </p> 
<p>Alongside this bearish outlook, BTC futures Open Interest (OI) experienced a fall of 6% in the last 24 hours, suggesting lower interest from traders and investors.</p>

Bitcoin Plummets Under $66k: Tracking Whale Activities in the Crypto Market

Table of Contents

CoinEagle.com

Outros artigos publicados em 31 de jul. de 2024

Binance Delists Certain Trading Pairs

ZKX Protocol Shut Down Operations Due to Economic Challenges

Market Disruptor RollBlock (RLBK) Giving Users Cut Of Daily Revenue Amid Solana Trailblazing Leav...

Mt. Gox Makes Gargantuan Bitcoin Transfer as BTC Price Languishes

Spot Ethereum ETFs flip positive after $34M inflow on July 30

Layer 1 Blockchains Surge in Social Dominance, Signaling Market Optimism

Join our free newsletter for daily crypto updates!