Large-scale selling by whales and government-linked wallets has contributed to Bitcoin's price decline on July 4, 2024, with significant transfers of Bitcoin to exchanges observed on-chain.

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Blockchain analyst Lookonchain recently identified a whale that sold a staggering 3,500 BTC for $206 million within just five hours on the Binance exchange

On-chain data shows massive BTC offloading by government-linked wallets and whales, which the analyst says are reasons likely behind the dump.