Bitcoin Price: Whale Joins Others & Dump $1 Billion As BTC Options Target $55K
Highlights
- Bitcoin whale move 15,945 bitcoins worth over $1 billion in a single transaction to another wallet address.
- Miner capitulation bites the Bitcoin bullish momentum.
- Bitcoin options expiry has max pain at $55K and IV falling in all terms.
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.
Also Read: Ripple Vs SEC Update – SEC To Appeal Summary Judgment; Remedies Verdict In July
Bitcoin Options Traders Target $55K
Over 100K BTC options of notional value $6.58 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
- Tom Lee’s Bitmine Immersion (BMNR) Adds Another $103M ETH to its Ethereum Stash
- Bitcoin Price Flashes Top Signal After Rejection At $125K
- Breaking: Grayscale Solana ETF (GSOL) to Trade with 0.35% Fee
- Roger Ver, ‘Bitcoin Jesus,’ Settles $48M Tax Fraud Case with U.S. DOJ
- Senate Democrats’ New DeFi Regulation Proposal Stalls Crypto Market Structure Talks
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
- Dogecoin Price Prediction as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana (SOL) Price Prediction: Analyst Eyes $1,300 as SOL DAT Company Plans 5% Supply Acquisition
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
