Bitcoin fell below $61,000 again. This movement of the largest cryptocurrency, which started a rally at $63,000 at the beginning of the week, was short-lived. The timing of the decline in Bitcoin drew attention.

“After the transfer of $100 million…”

According to on-chain data tracking platform Lookonchain, a whale moved 1023 BTC worth $62 million to the Binance exchange in the morning hours. The value of Bitcoin that the same whale moved to Binance in the last 24 hours exceeded $100 million. In total, the whale transferred 1723 BTC to the platform for sale.

After these transfers of the whale account, the decline in Bitcoin did not go unnoticed. Bitcoin price fell 3.3% in the last 24 hours.

Mt. Gox sales started?

Behind the decline, Mt. Gox’s BTC and BCH distributions may also be behind the decline. On Monday last week, the exchange’s bankruptcy management said that distributions would begin in the first week of July. The exchange will distribute 140,000 BTC worth $9 billion and the same amount of BCH to victimized customers. Experts believe that most of the BTCs, which have not been touched for 10 years and bring huge profits during price rises, will be sold by their owners and profit realization will be made.

While the indices are rising…

Yesterday, Fed chairman Jerome Powell mentioned the falling inflation and gave a positive speech at a panel in Portugal, but he could not prevent the decline in Bitcoin. On the other hand, both Nasdaq and S&P 500 ended the day with increases. The S&P 500 even rose to a record high once again.

At the time of writing, Bitcoin is trading around $60,200.