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Crypto Whales Shake Up Market: Over $148 Million in Bitcoin and Ethereum Moved for Sale

3 mins
Updated by Harsh Notariya
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In Brief

  • Crypto whales offload over $148 million in BTC and ETH, impacting market trends and signaling potential sell-offs.
  • Major BTC and ETH transactions indicate bearish sentiment, with significant inflows into Bitcoin ETFs observed.
  • ETF inflows hit $129 million, contrasting crypto whales' sell-offs and highlighting market complexities.
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Crypto whales significantly impact market trends by offloading substantial amounts of Bitcoin (BTC) and Ethereum (ETH). Recent data indicate a continued pattern of these extensive sales, totaling over $148 million in crypto, moved to various exchanges for probable liquidation.

Since last week, Bitcoin has been trying to recover after dipping to $58,500. Attempts to rally were evident; Bitcoin nearly reached $64,000 on Monday. However, increased selling pressure forced prices below $63,000.

Bitcoin ETFs Recorded $129 Million in Inflows While Crypto Whales Sell

On Monday, a prominent crypto whale linked to the wallet address 3G98j transferred 1,800 BTC valued at $114 million to Binance at around $63,333. This move typically signals an intent to cash out, reflecting a common strategy among crypto whales during market volatility.

“The Bitcoin price started declining after the whale unloaded BTC,” Spot On Chain said.

Further analysis highlights a significant shift in trading behavior. From June 19 to 21, the crypto whale withdrew 6,725 BTC, valued at $437 million, from Binance and OKX at an average price of $65,008.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

This marked the crypto whale’s first major BTC accumulation in over 1.5 years. However, as prices declined by over 4.11%, the crypto whale has sent 3,481 BTC back to Binance in the past five days, indicating a bearish sentiment.

Historically, this crypto whale has shown strategic trading acumen, netting about $1 billion from BTC transactions between 2022 and 2024. During the 2022 bear market, he amassed 41,000 BTC at an average of only $19,000. He later capitalized on this by unloading 37,000 BTC at around $46,800 during the bull markets of 2023 and 2024.

Ethereum has also seen similar whale activities. On early Monday, the crypto wallet 0xedo, allegedly associated with Abraxas Capital, deposited 42,000 ETH, worth approximately $34.78 million to Bitfinex. Despite these large transactions, this crypto whale still holds a significant position in ETH, with over $112 million currently spread across lending and farming platforms like Spark, GearBox, and Stargate, securing a profit of $4.53 million.

Meanwhile, there has been a glimmer of hope for Bitcoin investors. Spot Bitcoin ETFs recorded a substantial inflow on Monday, with $129 million entering the market.

This is the highest in the past 16 trading days. The Fidelity Wise Origin Bitcoin Fund attracted the largest inflow, with $65 million. Moreover, both BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust reported 0 inflows on Monday.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

Spot Bitcoin ETFs Net Flows
Spot Bitcoin ETFs Net Flows. Source; SoSoValue

In an interview with BeInCrypto, Tristan Dickinson, the CMO at EOS Network, explained that the crypto whales are just following the trend.

“The market feels like it’s in a holding pattern. There is confidence in some circles and pessimism in others. Perceived whales moving substantial amounts of BTC and ETH shouldn’t be a cause for alarm. Whales follow market trends and capitalize where they see an opportunity as easily as they can liquidate, putting downward pressure on the market they can hodl if they see opportunity,” Dickinson told BeInCrypto.

Despite the crypto whale sell-offs, Bitcoin bull Tom Lee predicts that Bitcoin will still hit $150,000 by the end of the year. He believes that after the market absorbs the effect of Mt. Gox, Bitcoin can strongly rebound.

“If I was investing in crypto, knowing that one of the biggest overhangs will disappear in July, I think it’s a reason to expect a sharp rebound in the second half. I think $150,000 is still within,” Lee said.

This contrast between whale sell-offs and significant ETF inflows illustrates the complex and often contradictory forces shaping the crypto market. Such insights are essential for anticipating market shifts and protecting investments, ensuring stakeholders remain informed and vigilant.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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