As an experienced financial analyst, I’ve seen my fair share of market fluctuations and have come to appreciate the intricacies of blockchain analysis. The recent selling pressure on Bitcoin (BTC) has been a topic of much discussion in the crypto community, and this report sheds some light on the various contributing factors.
Two specific whale-owned Bitcoin wallets are currently unloading large quantities of BTC, thereby exerting notable selling influence on the market.
Multiple Causes of the Bitcoin Selling Pressure
Approximately one-quarter of the recent Bitcoin sales can be traced back to the large-scale transactions initiated by the German and US governments. Additionally, there’s a possibility that Bitcoin held in the Mt.Gox trustee account may be sold off.
As a researcher studying cryptocurrency market trends, I’ve come across intriguing information regarding recent whale transactions. Specifically, two significant whale addresses, “1J22CP…” and “3G98j…”, transferred a large quantity of 9,301 BTC to the Binance exchange on June 27. This deposit, according to data from blockchain analytics platform Lookonchain, might have contributed to the subsequent price drop in Bitcoin.
Besides the German and US governments, as well as MtGox, large Bitcoin investors, or “whales,” have been disposing of their $BTC holdings.
As a crypto investor, I’ve noticed that two major players, or “whales,” have transferred a significant amount of Bitcoin (BTC), totaling 9,301 BTC worth approximately $563 million, into Binance’s digital wallets since June 27. This large influx of BTC has put downward pressure on the price of Bitcoin and caused it to dip.
Address:
1J22CPni1EsmT15A9qveydfWMoPMRw9Lp3…
— Lookonchain (@lookonchain) July 5, 2024
Two of the numerous notable activities within the Bitcoin ecosystem regarding whales have occurred over the past several weeks.
On Thursday, Whale Alert identified the shift of roughly $3 billion in Bitcoins spread over various transactions. Notably, one significant transaction involved a transfer of 1,700 BTC, equivalent to around $99.9 million, from this large investor to Binance. Coincidentally, Bitcoin’s price dipped to $57,000 during this period, causing unease among investors.
As a financial analyst, I’ve observed that following a significant transfer, a Bitcoin whale’s wallet maintained a balance of approximately 4,368 BTC, equivalent to around $256 million at that moment in time. However, with the current Bitcoin price standing at $55,419.33, this particular whale address currently holds slightly less value, amounting to roughly $242 million worth of Bitcoin. The past month has seen a surge of such activities by these Bitcoin whales. Over a two-week span, they managed to sell an impressive $1.2 billion in Bitcoin through various brokers and crypto exchanges.
Huge Bitcoin Sales by the German And US Government
Within the first five days of July, the German government has carried out over five transactions, moving substantial amounts of Bitcoin to various cryptocurrency exchanges such as Binance, Coinbase, and Bitstamp.
On Tuesday, Arkham Intelligence revealed that the government had transferred a sum of 832 Bitcoins, equivalent to $50 million at the time, to their accounts. Furthermore, they disclosed an additional transfer of 361.877 Bitcoins, worth approximately $22.65 million, to market maker Flow Traders. It’s important to mention that these Bitcoin transactions were processed through exchanges Bitstamp, Coinbase, and Kraken.
As a crypto investor, I’ve recently learned that the German government transferred 547 Bitcoins, equivalent to around $30 million, to Flow Traders.
As an analyst, I’ve uncovered some intriguing transactions at the other end of the blockchain. The United States government is reportedly moving substantial Bitcoin holdings. According to Arkham Intelligence, a U.S. government wallet transferred 237 BTC to another address. These Bitcoins were previously seized from two Estonian crypto entrepreneurs, Sergei Potapenko and Ivan Turogin, who were implicated in a large-scale cryptocurrency fraud scheme.
Meanwhile, the frequency of Bitcoin sales from the German government far outweighs that of the U.S.
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2024-07-06 09:20