- Large Bitcoin transfers fueled selloff fears, but on-chain data showed no confirmed selling activity.
- A dormant Bitcoin whale moved nearly 3,000 BTC as traders monitored volatility and liquidations.
- Analysts say Bitcoin’s uptrend may remain intact if it secures a daily close above resistance.
Bitcoin fell below $62,600 shortly after U.S. markets opened, triggering fresh concern among traders as large transfers involving major cryptocurrency exchanges appeared on the blockchain. An X user called TRACER claimed on X that Binance, Coinbase, and Bybit were “massively dumping” Bitcoin, though the available on-chain data does not confirm that the exchanges were selling into the market.
As of writing, Bitcoin was trading at $62,774, down about 0.15% over the previous 24 hours. Short-term charts showed heavy selling pressure, while blockchain records pointed to large Bitcoin transfers around the same time. The data, however, does not establish that the transfers were market sales.
Large Exchange Transfers Raise Questions
Blockchain data on the Tracer’s post showed several large Bitcoin transfers involving wallets linked to Binance, Coinbase, and Bybit as the market came under pressure. Some of the transactions were worth millions of dollars and took place within minutes of each other.
One of the biggest transfers involved about 335.8 BTC, worth roughly $21 million, moving between Coinbase-controlled wallets. The data also showed Bitcoin moving between exchange wallets and deposit addresses associated with platforms including Upbit and Bitget.
The transfers quickly fueled speculation on social media, with some traders suggesting the exchanges were selling Bitcoin. The blockchain records, however, only show that funds were moved and do not confirm that the transactions resulted in sales on the open market.
Whale Activity Adds to Market Focus
Blockchain data also showed activity from a Bitcoin wallet that had been dormant for more than seven years. The holder transferred 2,931 BTC, worth about $188 million, to a new address.
The receiving wallet has not recorded any further transactions since the transfer, leaving the purpose of the move unclear.
Meanwhile, Strategy has drawn renewed attention after authorizing up to $1.25 billion in Bitcoin sales. A report said the company has already sold about $218 million worth of Bitcoin this year.
Traders Watch Key Levels
Investors were also watching rising tensions between Iran and the United States, which added to volatility across commodities, bonds, stocks, and cryptocurrencies.
As of June 13, data from CoinGlass showed more than $215 million in cryptocurrency positions were liquidated over the past 24 hours. Bitcoin accounted for nearly $100 million of those liquidations in the past 24 hours.
Even with the recent pullback, some market analysts said the broader uptrend remains intact. Sheldon Diedericks said a daily close above a key resistance level could open the way for Bitcoin to climb toward $67,000. Analyst Heisenberg also said a break above a major trendline could send the cryptocurrency toward $70,000.
Related: Fidelity Says Bitcoin May Be in Accumulation Zone
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