Shortly after US markets opened, Bitcoin fell below $62,600, sparking new concerns among traders as large transfers occurred on the blockchain, including on major crypto exchanges. An X user called TRACER claimed on X that Binance, Coinbase, and Bybit were “massively dumping” Bitcoin, but available on-chain data does not support that the exchanges were selling it to the market.
At the time of writing, Bitcoin is trading at $62,774, down about 0.15% over the past 24 hours. While short-term charts show significant selling pressure, blockchain records show that there were large Bitcoin transfers during the same period. However, this data does not prove that this transfer is due to market sales.
Large-scale exchange transfers raise questions
Blockchain data in tracer posts showed multiple large Bitcoin transfers involving wallets linked to Binance, Coinbase, and Bybit as the market came under pressure. Some of the trades were worth millions of dollars and took place within minutes.
One of the largest transfers was approximately $335.8. $BTCworth approximately $21 million, will be moved between wallets managed by Coinbase. The data also shows that Bitcoin is moving between exchange wallets and deposit addresses associated with platforms like Upbit and Bitget.
The transfer immediately fueled speculation on social media, with some traders suggesting that the exchange was selling Bitcoin. However, blockchain records only show that funds were transferred, but do not confirm whether the transaction resulted in a sale on the open market.
Whale activity increases market attention
Blockchain data also showed activity from a Bitcoin wallet that had been dormant for more than seven years. Transferred by holder 2,931 $BTCand will send the equivalent of approximately $188 million to the new address.
The receiving wallet has not recorded any further transactions since the transfer, leaving the purpose of the transfer unclear.
Meanwhile, Strategy is once again in the spotlight after approving the sale of up to $1.25 billion in Bitcoin. The company has already sold about $218 million worth of Bitcoin this year, according to the report.
Trader’s Watch Key Levels
Investors also focused on rising tensions between Iran and the United States, which increased volatility across commodities, bonds, stocks, and cryptocurrencies.
As of June 13, more than $215 million in crypto positions have been liquidated in the past 24 hours, according to CoinGlass data. Bitcoin accounted for nearly $100 million in liquidations in the past 24 hours.
Despite the recent pullback, some market analysts said the broad upward trend remained intact. Sheldon Diedericks said that a daily close above key resistance could pave the way for Bitcoin to rally toward $67,000. Analyst Heisenberg also said that the cryptocurrency could head towards $70,000 if it breaks above a major trend line.
Related: Fidelity announces Bitcoin may be in an accumulation zone
