Bitcoin Whale Activity Sparks Market Concerns

The movement of large crypto whales has stirred recent market activity. In the past few days, a significant amount of Bitcoin has been deposited on Binance, suggesting that some traders might be preparing to sell their holdings. Specifically, the average inflow of Bitcoin exceeding 1,000 BTC over the month has increased from $2.3 billion to $5.3 billion. Notably, a single whale transaction involving over 10,000 BTC, equivalent to $2.1 billion, occurred on June 16, just before Bitcoin’s price dropped from $108,600 to $99,200. It appears that these Bitcoins were sold off, exerting downward pressure on the market at that time. Although the current inflow has grown, the market may have already absorbed part of this selling pressure. Still, caution is advised, as continued whale activity could induce further market volatility.