Whales scoop Bitcoin as pullback dents bulls’ momentum
Bitcoin price touched lows of $65,911 as US government transferred its Silk Road BTC

Bitcoin pulled back from its intraday highs around $70k on Monday to wipe gains seen after former US President Donald Trump highlighted the recently concluded Bitcoin 2024 conference.

But the upside move built around Trump’s speech faded abruptly after the US government moved $2 billion in BTC from the Silk Road. The news spooked investors, crashing the crypto market.

The price of Bitcoin fell more than 4% to lows of $65, 911 across major crypto exchanges, pushing into the negative territory on the weekly chart and cutting 30-day gains to just 8.8% at the time of writing.

Gemini co-founder Tyler Winklevoss, commenting on the BTC transfer, noted that it came only two days after Trump “pledged to never sell any of the US government’s bitcoin.” It’s a view that many across the crypto community hold, with the move seen as a continuation of the anti-crypto stance from the Biden-Harris Administration.

On Saturday, @realDonaldTrump pledged to never sell any of the US government’s bitcoin. Two days later, the Biden-Harris Administration moves $2 billion of Silk Road bitcoin. Great look and great way to reset with our industry. 🤡

— Tyler Winklevoss (@tyler) July 29, 2024

Whales accumulating Bitcoin

While BTC hovers below the $67k level, large investors are using the low prices as an opportunity to add to their portfolios. These whales have aggressively scooped Bitcoin since Monday’s dip, market intelligence account Lookonchain shared on X.

One such whale, “12QVsf”, reportedly withdrew 4,500 BTC worth over $302 million from Binance. The whale has also been linked to three other wallets that moved 1,400 BTC worth $94 million from crypto exchange Bitfinex on Tuesday morning.

The wallets also withdrew a total of 2,510 BTCworth over $163 million from Bitfinex on June 20.

On-chain insights platform Spot On Chain also highlighted this whale accumulation.

Four whales accumulated 5,900 $BTC ($397M) from CEX in the past 24 hours!

1️⃣ Whale “12QVs” withdrew 4,500 $BTC ($303M) from #Binance at ~$67,298.

• Among these tokens, 3,500 $BTC ($233M) were withdrawn after the #Bitcoin price plunged.

2️⃣ Three whales (likely one entity)… pic.twitter.com/YCWNM5GI4z

— Spot On Chain (@spotonchain) July 30, 2024

Bitcoin reached a peak of $73k in March and analysts are bullish the market will see a new bull run that could take BTC to above $100k in coming months.

The price of Bitcoin hovered around $66,527 at the time of writing.

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