"It's going to take a long time for the price of BTC to go up, I'm tired of waiting."
Continuing to weaken, the price of cryptocurrency king Bitcoin (BTC) plunged further to $64,100 due to a cash-and-carry arbitrage strategy that involves buying long-term spot BTC but at the same time selling futures contracts when trading at a premium.
It was also revealed that BTC's daily trading volume has experienced a 61.5% decrease from $102.3 billion to $39.5 billion, where it shows a strong correlation between onchain network settlement volume and trading volume.
Although the high demand side has been sufficient to absorb selling pressure, the event remains insufficient to encourage further upward growth, Glassnode analysts commented.
According to on-chain analysis firm CryptoQuant, long-term holders and miners have been among the biggest sellers of BTC in the past two weeks and this means they are also contributors to the decline in the price of the digital asset.
Wallets tracked by CryptoQuant show whales who are large holders of any token have sold $1.2 billion worth of BTC in the last two weeks through brokers rather than on the open market.
Examining the data disclosed by Arkham Intelligence, the German Criminal Police Office (BKA) was found to have transferred a large amount of BTC about 6,500 units worth $425 million from their wallets on June 19, 2024.
Of that amount, $32 million in BTC was sent to crypto exchange Kraken then $32 million to Bitstamp, so here it can be seen that they may be intending to sell some of their holdings.
As of this writing, BTC price has plunged by 0.09% to $65,183 in the last 24 hours with a market cap of $1.2 trillion and has recorded a 4.28% decline over the past week.