Will Bitcoin Shed More blood? Big Whales Trnx Caught

Bitcoin News: The world’s largest cryptocurrency, Bitcoin (BTC), printed red indexes on Friday. The BTC price decline comes after several crypto whales decided to dump part of their holdings as Bitcoin price failed to regain the $30K level.

Bitcoin Whales On the Move?

According to the data provided by WhaleAlert, crypto whales have moved 9,406 Bitcoin (approximately worth $275 million) in multiple transactions over the past 24 hours. The single biggest transaction recorded by the tracker has been moving 2,459 Bitcoin (approximately worth $72.66 million) to the Binance crypto exchange.

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It should be noted that whales have moved $275 million worth of BTC to the biggest of the crypto exchanges, Binance and Coinbase. These transactions came in when the US reported accelerating GDP in the 2nd quarter despite increasing interest rates. Earlier, Coingape reported that Bitcoin price will need to take a dip in order to rise even if GDP and PCE numbers show positive intentions.

As per the data, whales moved 5,552 Bitcoin (approximately worth $162 million) from their wallets to the biggest crypto exchange in multiple transactions over the past day. This includes two heavy transactions of 2,459 and 1,499 Bitcoin in order to dump.

While the U.S.’s biggest crypto exchange, Coinbase, also registered deposits of 2,854 Bitcoin (approximately worth $113 million) in multiple transactions, The biggest transaction recorded has been the transfer of 1,950 BTC (approximately worth $57 million).

The bitcoin price is on the decline after registering a good upward run over the last month. The bitcoin price has fallen by over 2% in the last 7 days. BTC is shifting towards losing the $29K price level now. It is trading at an average price of $29,214 at press time.