Bitcoin Whales Transfer 9301 BTC to Binance

Since June 27, two wallets have transferred 9301 BTC (approximately $563 million) to the cryptocurrency exchange Binance. This activity was highlighted by experts at Lookonchain.

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

According to them, alongside the news of Mt.Gox payouts and Bitcoin sales by the German and US governments, the actions of these Bitcoin whales have exacerbated the asset’s decline.

On July 3, digital gold fell below $61,000. The following day, Bitcoin dropped below $57,000. By July 5, the leading cryptocurrency had plummeted to $54,000. However, the next day, the asset recovered to above $56,000.

At the time of writing, Bitcoin is trading at $57,300.

Previously, Bitcoin Magazine CEO David Bailey accused the US government of squandering Bitcoins. He claimed that the country’s Bitcoin reserves should have exceeded 400,000 BTC, but instead, the Democrats sold a significant portion of the assets at a low price.

Bailey reported that the US government at an unspecified time sold “187,078 BTC worth $12.5 billion for a mere $282 million.”

Bundestag member Joana Cotar criticized the German authorities for selling Bitcoin, calling such actions counterproductive. She urged Chancellor Olaf Scholz to reconsider the position.

According to Lookonchain analysts, since June 19, the US and German governments, along with Mt.Gox, have collectively transferred 17,788 BTC worth approximately $1.08 billion.

Since June 19, the #German Government, the #US Government, and #MtGox have transferred a total of 17,788 $BTC($1.08B).

In particular, the #German Government has transferred $BTC every day since July 1.

They hold 396,210 $BTC($22.78B) currently.

German Government, 41,226… pic.twitter.com/NZJvaQQ17Y

— Lookonchain (@lookonchain) July 5, 2024

They currently hold 396,210 BTC (~$21.78 billion), distributed as follows:

• 213,297 BTC (~$11.72 billion) — US government;
• 141,687 BTC (~$7.78 billion) — Mt.Gox;
• 41,226 BTC (~$2.28 billion) — German government.

Some experts have suggested Bitcoin could crash to $50,000. They believe the sharp decline in the asset will not be limited to the current level due to the shift in sentiment.

Meanwhile, analysts at Standard Chartered have forecast a new all-time high for the leading cryptocurrency in August, with a subsequent rise to $100,000 by the US presidential elections in November.