Whale Alert, a well-known major crypto transfer tracker, reported mind blowing Bitcoin whales transactions earlier today.
Bitcoin Whales Transactions and Market Movements
Within an hour, nearly $1 billion worth of Bitcoin where transferred between wallets. Specifically, Whale Alert detected three consecutive transactions amounting to 11,358 BTC, equivalent to approximately $743 million.
The transfers included 6,499 BTC, 2,359 BTC, and 2,500 BTC, with the first transaction alone accounting for almost half a billion dollars.
These large transfers occurred between unknown blockchain addresses, which shows they were deliberate reallocation of assets by Bitcoin whales.
This transactions comes amidst a brief recovery attempt by Bitcoin after a 4% drop earlier this week.
Bitcoin managed to recover and challenge the $65,590 resistance level and is currently at $66,300 as at the time of writing this article.
The recent price actions of Bitcoin can be partly attributed to a series of outflows from spot Bitcoin ETFs.
On June 18, no new inflows were recorded for U.S. Bitcoin ETFs, with substantial withdrawals from Grayscale Bitcoin Trust and Fidelity’s ETFs amounting to a combined $145.3 million.
These continuous outflows over four consecutive days may show investors are leaving the market or could be possibly driven by profit-taking activities.
These outflows could also have resulted in the Bitcoin whales transactions.
See Also: Bitcoin Price May Hit New High Soon If Economic Data Gives These Signs
Expert Predictions of Bitcoin Price
Despite these Bitcoin whales movements, Samson Mow, a popular crypto analyst in the cryptocurrency community and CEO of Jan3, has reiterated his bold prediction for Bitcoin’s price.
Mow maintains that Bitcoin will eventually reach $1 million, emphasizing several factors that could drive such a surge.
His optimistic outlook is based on the expected daily inflows into Bitcoin ETFs and the Bitcoin halving event that took place earlier in April.
Mow suggests these events could act as catalysts for a sharp increase in Bitcoin’s price anytime soon, leading to a spike in price.
Mow also speculates about the possibility of sudden price rice, referring to the absence of “Godzilla candles” (massive price spikes) as a precursor to an “Omega candle,” where Bitcoin might rapidly rise from $70,000 to $200,000 overnight.
In conclusion, The recent Bitcoin whales transactions reflect the active liquidity and strategic maneuvers within the Bitcoin market, while the ETF outflows signal potential shifts in investor sentiment and strategy.
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