Bitcoin has dropped to a two-month low, with most altcoins experiencing even more significant declines.
BREAKING: #Bitcoin Drops Below $53K, Levels Last Seen Since February 2024.
In the past 24 hours, 231,775 traders were liquidated, the total liquidations comes in at $669.48 million! #cryptomarket #cryptocrash #bitcoincrash pic.twitter.com/xezI6yjEvX
— CoinEcho (@mycoinecho) July 5, 2024
As many traders bought the dip when BTC neared $60K, aggressive liquidations of long positions have occurred in the past few hours, impacting major cryptocurrencies like Ethereum and Solana.
Bitcoin has now fallen to a 2-month low, with most altcoins faring far worse. With many traders buying the dip when BTC was nearing $60K, longs have been liquidated aggressively the last couple hours. This goes for other top caps like Ethereum and Solana as well. https://t.co/OAgTPFmS6T pic.twitter.com/ivDW7GaUxB
— Santiment (@santimentfeed) July 4, 2024
Today, Bitcoin’s price fell by 5%. Here’s a summary of the massive sell-offs:
1. Whale 3G98j moved 3,500 BTC (worth $206 million) to Binance. This whale still holds 4,368 BTC (worth $256 million) at a loss.
2. The German Government transferred out 3,000 BTC, with 1,300 BTC (worth $75.53 million) sent to centralized exchanges. They still hold 40,359 BTC (worth $2.33 billion).
3. Whale 1J22C deposited 1,023 BTC (worth $62.2 million) to Binance.
4. The US Government moved 237 BTC (worth $13.67 million) to a new wallet, still holding 213,000 BTC (worth $12.3 billion).
The #Bitcoin price plummeted by 5% today. What happened?
A summary of massive sells-off today:
1⃣ Whale 3G98j moved 3,500 $BTC ($206M) to Binance.
– still holds 4,368 $BTC ($256M) and these $BTC were/are at losses.
2⃣ The German Government transferred out 3,000 $BTC, of… pic.twitter.com/bN0xibfUQ4
— Spot On Chain (@spotonchain) July 4, 2024
Bitcoin’s market dynamics have significantly changed over the past week. Key metrics from @intotheblock highlight notable on-chain activity, revealing potential movements and sentiment trends among large holders and the broader market.
Key takeaways include:
1. Transaction Volume: Bitcoin’s transaction volume has increased over the past week, indicating higher trading activity. This often leads to price volatility, reflecting more significant market participation and interest.
2. Large Holders Activity:
– Inflows and Outflows: There has been a significant increase in inflows to large holder addresses, indicating accumulation by big investors, usually a bullish signal. Outflows, which could mean profit-taking or repositioning, are currently lower than inflows.
– Large Transactions: Transactions exceeding $100,000 have risen, highlighting increased activity by big players and high-net-worth individuals.
3. On-Chain Metrics:
– Active Addresses: The number of active addresses has grown over the past week, showing increased network usage and possibly new user adoption.
– Average Transaction Size: The average transaction size has increased, often translating to significant market moves and increased confidence among larger investors.
𝗕𝗶𝘁𝗰𝗼𝗶𝗻’𝘀 𝗺𝗮𝗿𝗸𝗲𝘁 𝗱𝘆𝗻𝗮𝗺𝗶𝗰𝘀 𝗵𝗮𝘃𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝗱 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁𝗹𝘆 𝗼𝘃𝗲𝗿 𝘁𝗵𝗲 𝗽𝗮𝘀𝘁 𝘄𝗲𝗲𝗸.
Key metrics from @intotheblock highlights significant on-chain activity, showing potential movements and sentiment trends among large holders and… pic.twitter.com/6zQaLoSILO
— 𝕆𝕙-𝕁𝕒𝕪 (@jayejone) July 4, 2024
Bitcoin Sees Heightened Activity And Interest From Large Holders And Institutions
Despite the recent sell-off, Bitcoin is experiencing a period of heightened activity and interest from large holders. With rising transaction volumes and active addresses, the market shows signs of a positive outlook.
On July 3, the total net outflow of Bitcoin spot ETFs was $20.4495 million. Grayscale ETF GBTC had a single-day outflow of $26.9947 million. Fidelity ETF FBTC had a single-day inflow of $6.5451 million. Currently, the total net asset value of Bitcoin spot ETFs is $51.872 billion.…
— Wu Blockchain (@WuBlockchain) July 4, 2024
On July 3, the total net outflow of Bitcoin spot ETFs was $20.4495 million, with Grayscale ETF GBTC experiencing a single-day outflow of $26.9947 million and Fidelity ETF FBTC seeing a single-day inflow of $6.5451 million. Currently, the total net asset value of Bitcoin spot ETFs stands at $51.872 billion.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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