Is Mt.Gox or Whales Behind the Bitcoin Drop? Or Just a Coincidence?

Starting July and the second half of the year with an increase Bitcoinhas been moving in a downward trend over the last three days.

at this point BTC, which fell to $ 59,600 levels in recent hoursThe reason for the decline remains unclear.

But some analysts Mt. GoxWhile some analysts predict that BTC has fallen to $59,600 due to the start of $9 billion in refunds, sales of whales thinks it is effective.

at this point Lookonchain noted that a whale deposited 1,023 BTC worth $62.2 million into Binance in recent hours.

In addition, this whale deposited 1,723 BTC worth $ 106 million in the last 24 hours. After this whale’s Bitcoin sales, the price dropped by 3.8%.

The whale deposited 1,023 $BTC($62.2M) to #Binance again 45 minutes ago.

The whale has deposited 1,723 $BTC($106M) to #Binance in the past 24 hours.

And the price of $BTC has dropped by ~3% in the past 24 hours.

Address:
1J22CPni1EsmT15A9qveydfWMoPMRw9Lp3 pic.twitter.com/mLuvCSNlAv

— Lookonchain (@lookonchain) July 3, 2024

Another popular market watcher, X-user Zaheer, also reported that an unidentified whale had made $180 million worth of money in three minutes. Bitcoin shared what he sold.

While these transfers of whales are a very high amount that can be sold in such a short time, they can also affect the BTC price.

Mt. Gox’s refunds behind decline outside whales’ operations BTC ve Bitcoin Cash (BCH) distributions are also considered possible.

Because Mt.Gox stated in a statement made in the past weeks that they will start refunds as of the first week of July.

Mt. Gox will distribute 140,000 BTC and BCH worth $9 billion to the victims as part of the refunds.

Bitcoin continues to trade at $60,197 at the time of writing.

*This was not investment advice.