Two whale addresses have been identified to be contributing to the recent Bitcoin (BTC) selling pressure.
Multiple Causes of the Bitcoin Selling Pressure
A significant percentage of the current Bitcoin selling pressure is attributed to the numerous transfers from the German and United States governments. The likely selloff of Bitcoin from Mt.Gox repayment is also possible.
More recently, some whales were seen selling the top cryptocurrency. According to blockchain analytics platform Lookonchain, two whale addresses “1J22CP…w9Lp3” and “3G98j…HkhN” transferred 9,301 BTC to Binance. The deposit was made on June 27, causing BTC prices to plummet.
In addition to the #German Government, #US Government and #MtGox selling $BTC recently, whales are also selling $BTC!
2 whales have deposited 9,301 $BTC($563M) to #Binance since June 27, which also caused the $BTC price to fall.
Address:
1J22CPni1EsmT15A9qveydfWMoPMRw9Lp3… pic.twitter.com/fAH1FR86XD— Lookonchain (@lookonchain) July 5, 2024
Markedly, these are just two out of the many whale activities that the Bitcoin ecosystem has seen in the last few weeks.
On Thursday, Whale Alert reported the transfer of approximately $3 billion in BTC across multiple transactions. Spot On Chain confirmed that this whale moved 1,700 BTC in the latest transfer, worth around $99.9 million, to Binance. Interestingly, this whale movement happened around the time when Bitcoin’s price dropped to $57,000, rattling investors.
After the transfer, the whale still had a balance of 4,368 BTC, valued at about $256 million at the time. With Bitcoin price currently at $55,419.33, the whale address holds only $242 million worth of Bitcoin. More of these whale activities were seen last month. Within two weeks, these Bitcoin whales had sold $1.2 billion of the coin through brokers and crypto exchanges.
Huge Bitcoin Sales by the German And US Government
With July just 5 days old, the German government have made more than five transfers to crypto exchanges. The German government has been transferring huge holdings of Bitcoin to Binance, Coinbase, Bitstamp and other trading platforms.
On Tuesday, Arkham Intelligence acknowledged that the government transferred a total of 832 Bitcoins, worth $50 million at the time. This was in addition to another transfer of 361.877 BTC to market maker Flow Traders, valued at $22.65 million. Noteworthy, the Bitcoin transfers were sent to Bitstamp, Coinbase, and Kraken.
The latest from the German government is the 547 Bitcoins that was sent to Flow Traders, valued at $30 million.
At the other end is the United States government, transferring huge Bitcoin holdings as well. Arkham Intelligence reported that a U.S. government wallet transferred 237 BTC to another address. These are funds that were originally seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin. Both were implicated in a large-scale crypto fraud scheme.
Meanwhile, the frequency of Bitcoin sales from the German government far outweighs that of the U.S.
Read More: Will Bitcoin Stabilize After Summer? Gazmararian Weighs In
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
