Onchain Metrics Uncover Massive Bitcoin Transfers from Binance and OKX Amid Market Volatility

According to Whale Alert, the unknown wallet transferred 3,746 BTC, about $243 million, from Binance, while another unknown address transferred 1,646 BTC, approximately $107 million, from OKX to an unknown wallet.

Also, Arkham discovered a wallet with the name, German government, moved 6,500 BTC worth $425 million on June 19 and another 2,500 BTC, about $154 million, to its own address, which has also drawn concern about a potential BTC sale.

This transfer reflects the broader trend of investors withdrawing their Bitcoin from exchanges due to the current market condition of the coin. The price of BTC has been dipping since the last seven days, as it has dropped by over 5% within the same period. The coin’s price is above $65,000, gaining barely 1% in the last 24 hours.

Analysts Weigh In on Market Sentiment and Future Prospects

Amid the crypto market condition, onchain analytics firm, Santiment, has given a technical review of the situation, stating that lots of traders are already giving up due to the market volatility. The onchain firm noted that the current fear, uncertainty and doubt (FUD) among traders is rare, with traders already selling off their positions.

However, it was pointed out that despite the sell-off by traders, some large institutions and investors are still accumulating, which could result in the market bouncing back. They stated:

“The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient.”

In a different review by Ali Martinez, another on-chain analyst on X with over 60 thousand followers, stated that BTC has dropped below the MVRV indicator, which is at  $67,890. He noted that this could trigger a bearish rally toward $54,930.

Due to the downturn in BTC, the monthly retail volume of BTC has reduced by $107 million; however, despite the price drop, a single giant whale bought 6,070 BTC worth $395 million. This buy reflects the investor’s belief and confidence in the bounce back of the coin.

With the fluctuation surrounding the price of BTC, several retail traders are worried about what is next for the coin, leading to some considering a sell-off. However, top crypto enthusiasts, like Binance Chief Executive Officer (CEO) Richard Teng, stated that BTC could rise to $80,000 before the year runs out. He cited the Spot Bitcoin ETFs and Ethereum ETFs as potential catalysts for driving this bullish sentiment.