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Retail Investors Buy Bitcoin Dip as Crypto Whale Sells $323 Million in BTC

Retail investors are showing confidence by buying the dip despite a significant sell-off by a prominent crypto whale. These transactions have impacted the Bitcoin and crypto markets, influencing the short-term trajectory. 

Crypto markets unease as Germany and U.S. transfer over $100 million in cryptocurrency.
Source: Coinbackyard

Early Thursday, during Asian trading hours, Bitcoin’s price dropped to $57,800, a two-month low. The price has since recovered to $59,000. 

A crypto whale, identified as 3G98j, deposited 1,800 BTC, worth $106.08 million, into Binance. Large deposits like this usually suggest a potential sale. Over the past week, this whale has transferred 5,281 BTC, worth about $323 million at an average price of $61,196, to Binance. 

Despite these sell-offs, retail investors remain bullish. Santiment data shows retail investors are buying Bitcoin under $60,000 aggressively. 

Cold Blooded Shiller, a crypto analyst on X (formerly Twitter), notes the challenges novice traders face. He advises patience and strategic disengagement, suggesting many avoid active trading. He highlights the importance of reducing emotions and waiting for positive market momentum. 

The contrast between the whale’s actions and retail investors’ enthusiasm paints a complex picture. While large holders cash out, broader investors see lower prices as a good entry point. 

July 4, 2024 at 11:17 am

Updated July 4, 2024 at 11:17 am

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