Markets
Cryptocurrency whales invest $148 million in Bitcoin and Ethereum
Crypto whales are having a huge impact on market trends by dumping large amounts of Bitcoin (BTC) and Ethereum (ETH). Recent data indicates that these massive sales, totaling over $148 million in cryptocurrencies, are continuing and are being transferred to various exchanges for a likely liquidation.
Since last week, Bitcoin has been trying to recover after falling to $58,500. The recovery attempts have been evident; Bitcoin almost reached $64,000 on Monday. However, increased selling pressure has pushed prices below $63,000.
Bitcoin ETFs see $129M in inflows as crypto whales sell
On Monday, a major crypto whale linked to the wallet address 3G98j transferred 1,800 BTC valued at $114 million Binance to around $63,333. This move typically signals an intention to withdraw money, reflecting a common strategy among crypto whales during market downturns. volatility.
“Bitcoin price started to drop after the whale dumped BTC,” Spot On Chain said.
A deeper analysis highlights a significant change in traders’ behavior. From June 19 to June 21, crypto whales withdrew 6,725 BTC, worth $437 million, from Binance and OKX at an average price of $65,008.
Learn more: Bitcoin (BTC) Price Prediction 2024/2025/2030
This is the first major BTC accumulation for the crypto whale in over a year and a half. However, as prices have dropped By over 4.11%, the crypto whale returned 3,481 BTC to Binance over the past five days, indicating a bearish sentiment.
Historically, this crypto whale has shown strategic trading acumen, raking in roughly $1 billion in BTC trades between 2022 and 2024. During the 2022 bear market, he amassed 41,000 BTC at an average of just $19,000. He then capitalized on this by dumping 37,000 BTC at roughly $46,800 during the 2023 and 2024 bull markets.
Ethereum has also seen similar whales activities. Monday morning, the crypto wallet 0xedo, who is reportedly partnered with Abraxas Capital, deposited 42,000 ETH, worth around $34.78 million on Bitfinex. Despite these large transactions, this crypto whale still holds a significant position in ETH, with over $112 million currently spread across lending and farming platforms like Spark, GearBox, and Stargate, securing a profit of $4.53 million.
Meanwhile, there has been a glimmer of hope for Bitcoin investors. Spot Bitcoin ETFs saw a substantial inflow on Monday, with $129 million entering the market.
This is the highest level in the last 16 trading days. The Fidelity Wise Origin Bitcoin Fund attracted the largest inflow, with $65 million. Additionally, iShares Bitcoin Trust and BlackRock’s Grayscale Bitcoin Trust both reported 0 inflows on Monday.
Learn more: How to Trade a Bitcoin ETF: A Step-by-Step Approach
Bitcoin ETF Spot Net Flows. Source; SoSoValue
Despite the cryptocurrency price crash, bitcoin expert Tom Lee predicts that bitcoin will still hit $150,000 by the end of the year. He believes that once the market absorbs the Mt. Gox effect, bitcoin could rebound strongly.
“If I were to invest in cryptocurrencies, knowing that one of the biggest surpluses is going to disappear in July, I think that’s a reason to expect a strong rebound in the second half of the year. I think $150,000 is still within reach,” Lee said.
This contrast between whale selloffs and large ETF inflows illustrates the complex and often contradictory forces shaping the cryptocurrency market. Such insights are essential to anticipate market developments and protect investments, ensuring stakeholders remain informed and vigilant.
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