Bitcoin (BTC) Whales Rattle Crypto Markets As Analysts Warn of Potential Pullback

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Bitcoin whale activity has risen in the last few days, preceding a sell-off that sent BTC below $9,000 just as top crypto strategists are turning bearish on the world’s leading cryptocurrency.

Mason Jang, chief strategy officer of on-chain data analysis firm CryptoQuant, reveals that whales moved fast on June 15th with BTC inflows into crypto exchanges Coinbase and Gemini surging right before Bitcoin dipped to $8,900.

“BTC crashed as the US stock has tumbled from 15 June, 02:00 UTC. Whales from Coinbase and Gemini moved before the dip.

Keep [monitoring] the movement of fast movers from Coinbase and Gemini to avoid risks.”

On top of transferring BTC from their wallets to crypto exchanges in order to sell their positions, whales are also liquidating the BTC they hold in Gemini, a whale-oriented crypto exchange.

CryptoQuant chief executive Ki Young Ju saysthe amount of BTC stored in Gemini wallets has dropped low enough to indicate that Bitcoin has entered bear territory.

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