Bitcoin Price Drop: Whale Activity Fuels Market Volatility

Recent data reveals a significant decline in Bitcoin’s price, dropping by 3.5% within the past day to reach $124,474. This downward trend is attributed to large investors, known as whales, engaging in heavy selling activity on platforms like Binance. Data analysis shows that over 6,060 Bitcoin units worth approximately $722 million were transferred to the exchange in a single day by major investors. These transactions are linked to recent U.S. economic reports which have included figures regarding jobless claims, producer prices, and retail sales data.