Bitcoin Price: Whale Joins Others & Dump $1 Billion As BTC Options Target $55K
A Bitcoin whale moved 15,945 Bitcoin on Friday joining other whales and institutional investors as concerns of severe drop in BTC price mounts due to miner capitulation. The whale move these BTCs in a single transaction to crypto exchange Binance.
Meanwhile, U.S. Fed officials are turning dovish after recent CPI and PPI inflation cooled. Fed’s Loretta Mester on Friday said “We are starting to see inflation move down again after stalling. It is important not to wait too long to cut rates.”
Bitcoin Whale Moves $1B in Single Transaction
According to Blockchain.com explorer data on June 14, a whale move 15,945 bitcoins in a single transaction to another wallet address. As per some people, the destination wallet belongs to crypto exchange Binance.
The massive whale dump can cause BTC price to tumble and stay under selling pressure. While Bitcoin miner capitulation concerns are mounting as daily revenue fell after Bitcoin halving. Meanwhile, network hashrate has also signaled a decline as more resources are required now.
CryptoQuant recently identified a significant uptick in mining pool transfers. This is in addition to a surge in over-the-counter (OTC) sales of Bitcoin. With the U.S. Fed signaled a single rate cut in this year, miners started selling BTCs believing there is no upside amid macro concerns and elections.
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Bitcoin Options Traders Target $55K
Over 97,782 BTC options of notional value $6.55 billion are about to set to expire on June 28, per largest derivatives exchange Deribit. With a put-call ratio of 0.49 and the max pain point at $55,000, it indicates Bitcoin price to remain under selling pressure.
Meanwhile, implied volatility (IV) witnessing significant declines across all major terms, which means forecast of BTC price to tumble below $65,000 are highly likely. It could take BTC price to $60,000 again due to high leverages.
BTC price currently trades at $66,955, down 1% in the last 24 hours and 6% in a week. The 24-hour low and high are 24-high of $66,304 and $67,473. However, trading volumes has declined by more than 30% in the last 24 hours, indicating massive drop in interest among traders.
Also Read: Nigeria Dismissed Tax Evasion Charges Against Binance Executives
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