Markets
Crypto Whales Dump $148 Million in Bitcoin, Ethereum
Crypto whales are significantly influencing market trends by dumping significant amounts of Bitcoin (BTC) and Ethereum (ETH). Recent data indicates a continuing pattern of these extended sell-offs, with over $148 million in cryptocurrency being transferred to various exchanges for likely liquidation.
Since last week, Bitcoin has been trying to recover after falling to $58,500. The recovery attempts were evident; Bitcoin almost reached $64,000 on Monday. However, increased selling pressure forced prices to drop below $63,000.
Bitcoin ETFs See $129 Million Inflows as Crypto Whales Sell
On Monday, a famous crypto-whale linked to the wallet address 3G98j transferred 1,800 BTC valued at $114 million Binance at around $63,333. This move typically signals an intent to cash out, reflecting a common strategy among cryptocurrency whales during the market volatility.
“Bitcoin price started to drop after the whale dumped BTC,” Spot On Chain said.
Further analysis shows a significant shift in trading behavior. From June 19 to June 21, the crypto whale withdrew 6,725 BTC, worth $437 million, from Binance and OKX at an average price of $65,008.
To know more: Bitcoin (BTC) Price Prediction 2024/2025/2030
This marked the crypto whale’s first major BTC accumulation in over 1.5 years. However, as prices have dropped by over 4.11%, the crypto whale has sent 3,481 BTC to Binance in the last five days, indicating a bearish sentiment.
Historically, this crypto whale has demonstrated strategic trading acumen, raking in around $1 billion in BTC transactions between 2022 and 2024. During the 2022 bear market, it accumulated 41,000 BTC at an average of just $19,000. It later capitalized on this by dumping 37,000 BTC at around $46,800 during the 2023 and 2024 bull markets.
Ethereum also saw a similar whale activity. Early Monday morning, the crypto wallet 0xedo, allegedly associated with Abraxas Capital, has deposited 42,000 ETH, worth approximately $34.78 million on Bitfinex. Despite these large transactions, this crypto whale still holds a significant position in ETH, with over $112 million currently deployed on lending and farming platforms such as Spark, GearBox, and Stargate, securing a profit of $4.53 million.
Meanwhile, a glimmer of hope has emerged for Bitcoin investors. Bitcoin Spot ETFs saw significant inflows on Monday, with $129 million entering the market.
This is the highest in the last 16 trading days. The Fidelity Wise Origin Bitcoin Fund attracted the largest inflow, with $65 million. Additionally, both BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust reported zero inflows on Monday.
To know more: How to Trade a Bitcoin ETF: A Step-by-Step Approach
Net Flows of Spot Bitcoin ETFs. Source; SoSoValue
Despite the sell-off by crypto whales, Bitcoin bull Tom Lee predicts that Bitcoin will still hit $150,000 by the end of the year. He believes that after the market absorbs the Mt. Gox effect, Bitcoin can bounce back strongly.
Italian: https://www.youtube.com/watch?v=o6RwsLU8yuc
“If you were investing in crypto, knowing that one of the big swings is going to disappear in July, I think that’s a reason to expect a strong rebound in the second half. I think $150,000 is still in,” Lee said.
This contrast between whale sell-offs and significant ETF inflows illustrates the complex and often contradictory forces shaping the cryptocurrency market. Such insights are essential to anticipate market changes and protect investments, ensuring that stakeholders remain informed and vigilant.
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