Bitcoin plummets due to massive whale selling, with a transfer of 188.3 billion won
Net outflow trend of Bitcoin spot ETF continues, reaching an all-time high
“Abundant positive factors in the market including the US interest rate cuts to follow”, ‘[Edaily Kim Gaeun Reporter] The leading cryptocurrency Bitcoin plummeted below $60,000. The market attributes the drop to the influence of a large amount of selling by ‘whales’ (major investors).’,
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, ‘According to the virtual asset situation relay site CoinMarketCap on the 28th, as of 8:50 a.m., the price of Bitcoin recorded $59,657, a 5.28% decrease from 24 hours earlier. At the same time, Ethereum, the representative altcoin (virtual asset other than Bitcoin), traded at $2,465, down 8.26% from the previous day, while Ripple traded at $0.569, down 3.23%. At the same time, based on Upbit prices, Bitcoin traded at 81.11 million won, Ethereum at 3.351 million won. Ripple is at 772.6 won.’,
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, ‘This recent decline is said to have been triggered by a massive whale sell-off. According to ‘Whale Alert,’ which tracks whale movements, one whale with a virtual asset wallet address ‘bclqc….e3gvh’ transferred a Bitcoin amount worth $141.81 million (approximately 188.3 billion won) to the cryptocurrency exchange Kraken to sell off 2,300 units of Bitcoin just before the price drop. In addition, it is interpreted that other whales also realized profits as Bitcoin approached $65,000 recently.’,
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, ‘The net outflow trend of the Bitcoin spot ETF continues. According to data from the financial information platform Farside Investors, ARKB, the Bitcoin spot ETF of ARK21Shares, recorded a net outflow of $102 million on the 27th (local time), the largest ever. On the same day, Grayscale GBTC and BitWise BITB also saw net outflows of $18.3 million and $6.8 million, respectively. Data on the net inflow and outflow of other ETFs is still being compiled.’,
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, ‘There are many positive factors that will affect the future price. Bitcoin analyst Rack Davis said, “In 3 weeks, there will be a reduction in the US Federal Reserve’s benchmark interest rate, the possibility of electing the first cryptocurrency-friendly president in the upcoming US election in 71 days, the possibility of $16 billion in cash bonds related to FTX bankruptcy in the 4th quarter, the lifting of China’s ban on cryptocurrencies, the operation of Russia’s state-owned cryptocurrency exchange, among other factors. The next 3 months are a period of abundance of positive factors for the cryptocurrency market,” he said.’,
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