Bitcoin Whale Activity Surges Amid Geopolitical Tensions as Prices Hover Around $60,000

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On October 2, 2024, at 3:05 PM, on-chain data revealed significant activity from a Bitcoin whale amid rising geopolitical tensions. A trader warned that the drop to $60,000 has increased sell-side liquidity.

Spot On Chain, an analytics provider, reported on this Bitcoin whale's movements as Bitcoin tries to hold onto the $62,000 mark.

This whale had deposited 3,933 BTC, worth $234 million, on Binance between August 29 and September 15. Recently, it transferred 750 BTC, valued at $46.3 million, back to Binance at a price of $61,751 per BTC before Bitcoin fell by about 3%.

Currently, the whale holds 9,736 BTC, worth $601 million. This same wallet was noted in July when it sold off BTC worth $467 million in just 11 days.

With Bitcoin prices dropping to around $60,000, ByBit partner Justin Bennett advised caution regarding a potential relief rally. He pointed out that the failure at $64,700 has opened up more sell-side liquidity. He believes that $57,000 is still a significant level now that Bitcoin has touched $60,000.

Another trader expects at least one more attempt to reach the lows. If prices drop further, he plans to add more long positions in Bitcoin while maintaining a strong outlook on altcoins.

The role of Bitcoin as an institutional asset class will be a key topic at Benzinga’s upcoming Future of Digital Assets event on November 19.

This content was partially generated with AI tools and reviewed by Benzinga editors.

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