Bitcoin Price Drops Below $63K as Whale Dumps $114M to Binance: What's Next?

A major Bitcoin whale or institution transferred 1,800 BTC (worth $114 million) to Binance, causing the Bitcoin price to drop below $63,000. This transaction, along with recent sell-offs by miners and governments, has increased selling pressure and market volatility. Arkham Intelligence reported the whale previously withdrew $437 million worth of BTC from Binance and OKX but has been transferring funds back to Binance over the past five days. CryptoQuant CEO Ki Young Ju sees this as an opportunity for whales to accumulate Bitcoin, as the market is currently experiencing low volatility. Crypto analyst Ali Martinez notes that historically, Bitcoin has bounced back strongly in July after a negative June, with an average return of 7.98% and a median return of 9.60%. Despite recent market events, both analysts believe that the Bitcoin bull cycle is still intact.