Bitcoin Price Prediction as ETFs See Surprise Inflows – Are Whales Accumulating BTC?
Bitcoin (BTC) has struggled to halt its losing streak, trading around the $60,750 level and reaching an intra-day low of $60,752. This recent decline in Bitcoin’s price can be attributed to several factors, including significant BTC transfers by the German government and ongoing regulatory challenges faced by major crypto exchanges.
Despite these pressures, recent surprise inflows into Bitcoin ETFs have sparked discussions among investors about potential accumulation by large holders, or “whales.” These inflows could indicate a shift in market sentiment and may influence Bitcoin price predictions in the near term.
Binance.US announced it will halt operations for Washington customers from August 20th due to regulatory pressure, joining New York, Texas, and Vermont in suspending its services. The exchange, a subsidiary of Binance.com, is under investigation for mixing funds and breaking rules, compounded by legal issues involving its CEO, Changpeng Zhao.
Recently, North Dakota and Oregon revoked its money transmitter licenses, further limiting its operations. Meanwhile, the U.S. SEC filed a lawsuit against Binance for failing to register properly and insufficient anti-money laundering measures. India also imposed fines and bans for similar violations, adding to the exchange’s regulatory problems.
These regulatory challenges and operational suspensions at Binance.US could increase uncertainty among crypto investors, potentially exerting downward pressure on BTC prices in the short term.
Recently, the German government transferred 750 Bitcoin (BTC), valued at about $46.27 million, to various destinations, including Kraken, Bitstamp, and a private wallet. This follows a week of significant BTC movements totaling around 4,250
