Bitcoin Reacts as Whale Dumps Over 10,200 BTC Worth $694 Million

Bitcoin, the leading cryptocurrency, has lost nearly 4% of its trading price, dropping from $68,500 to $66,400 at press time.

Blockchain analytics platform Lookonchain attributed the downtrend to a recent whale dump. In a series of transactions, a Bitcoin whale with the wallet address 3NVeXm transferred 10,235 BTC worth over $694 million to Binance.

Whenever a crypto user sends crypto from their accounts to a crypto exchange, it often indicates that they are about to sell the asset. In this Bitcoin whale’s case, dumping a large portion of the apex coin is likely to have a ripple effect on its price long term.

Whale’s Sales Affect BTC’s Price

Lookonchain claimed that the whale’s actions over the past few days have affected BTC’s price movement.

Over the past two days, the whale offloaded 8,200 BTC (worth $559 million) in four tranches of transactions. For each deposit into Binance, the cryptocurrency saw a notable price tank. Although BTC recovered each time it dropped, its continuous decline pushed its price to as low as $65,000 earlier today.

About three hours ago, the whale moved an additional 2,035 BTC to Binance. This also came with a considerable price drop from around $66,500 to $66,000.

Bhutan Also Sells BTC

Aside from the whale, Bhutan, a South Asian country, is also offloading some of its BTC holdings.

In April 2019, the country began its Bitcoin mining business. Fast-forward to 2024, and Bhutan was the fourth-largest government holding BTC. The South Asian nation plans to use 10,000 BTC to build a mindfulness city without selling its holdings. This, though, has not stopped it from selling some of its holdings.

Latest on-chain data shows that the country has sold $6.7 million worth of BTC, marking the third consecutive weekly sale. This coincides with a reduced mining productivity since the April 2024 Bitcoin halving. At the time of writing, the firm still holds over $370.7 million worth of BTC.

Meanwhile, unlike whales and Bhutan, which are dumping BTC, firms like Strategy are committed to continually accumulating the leading cryptocurrency. Earlier this week, Strategy disclosed that it would commence quarterly BTC purchases. This came after the firm had committed to weekly acquisitions.

Binance SAFU is also accumulating BTC. Currently, it has stacked around $1 billion worth of the apex coin.

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