- Whales Sweep Bitcoin, Bullish Momentum Dampens as Crash
- Bitcoin price hits all-time low of $65,911 as US government transfers Silk Road BTC
Bitcoin, which had fallen from an intraday high of around $70,000 on Monday, regained gains after former US President Donald Trump highlighted the recently concluded Bitcoin 2024 conference.
However, the rally that had formed around Trump’s speech suddenly disappeared after the US government withdrew $2 billion worth of BTC from Silk Road. This news made investors nervous and the cryptocurrency market crashed.
Bitcoin price fell more than 4% on major cryptocurrency exchanges to $65,911, and has fallen into negative territory on the weekly chart, with 30-day gains down to 8.8% at the time of writing.
Gemini co-founder Tyler Winklevoss commented on the BTC transfer, noting that it came just two days after Trump “promised that the U.S. government would never sell off its Bitcoin holdings.” This is a view shared by many across the crypto community, and the move is seen as an extension of the Biden-Harris administration’s anti-crypto stance.
On Saturday, @realDonaldTrump The US government promised never to sell Bitcoin. Two days later, the Biden-Harris administration transferred $2 billion worth of Silk Road Bitcoin. It’s a good way to reset our industry and it’s a good look. 🤡
— Tyler Winklevoss (@tyler) July 29, 2024
Whales Accumulating Bitcoin
While BTC remains below $67,000, large investors are using the low prices as an opportunity to add to their portfolios. These whales have been aggressively squeezing Bitcoin since Monday’s crash. Market Information Account Lookonchain share About X.
One such whale, “12QVsf,” is said to have withdrawn 4,500 BTC worth $320 million from Binance. The whale was also linked to three other wallets that moved 1,400 BTC worth $94 million from cryptocurrency exchange Bitfinex on Tuesday morning.
The wallet also withdrew $163 million, or 2,510 BTC, from Bitfinex on June 20.
On-chain insights platform Spot On Chain also highlighted this whale accumulation.
Four whales accumulated 5,900. $Bitcoin ($397 million traded on CEX in the last 24 hours!)
1️⃣ Whale “12QVs” 4,500 Withdrawals $Bitcoin ($303M) from #Binance About $67,298.
• 3,500 of these tokens $Bitcoin ($233M) was withdrawn after: #bitcoin Prices have plummeted.
2️⃣ Three whales (maybe one)… pic.twitter.com/YCWNM5GI4z
— Spot on Chain (@spotonchain) July 30, 2024
Bitcoin hit a high of $73,000 in March, and analysts predict the market will experience a new bull run that could see it break $100,000 in the coming months.
At the time of writing, the Bitcoin price hovered around $66,527.