Genesis Moves Billions in Bitcoin and Ethereum, But Why? Crypto Prices Dip

The crypto market is again not performing well today. Just in the last hour or so, Bitcoin and Ethereum prices are down by around 2%. The two biggest cryptocurrencies are now trading below $64k and $3.1k respectively.

Blockchain analytics firm Arkham Intelligence has reported a huge movement of cryptocurrencies linked to Genesis Trading. According to their findings:

  • A total of $1.5 billion worth of Bitcoin and Ethereum has been moved.
  • This includes 16,600 BTC, valued at approximately $1.1 billion.
  • Additionally, 166,300 ETH, worth about $521.1 million, was transferred.
  • These movements occurred within a single hour.

The transfers are believed to be part of Genesis’s efforts to repay its creditors, likely related to ongoing bankruptcy proceedings.

The specific wallet addresses involved in these transactions are:

  • Ethereum: 0xC62cBa8e7080e376345F72D5b8ed414D8e0546C4
  • Bitcoin: bc1qmetf6pu6ghr6fv92209sw5x9t5999562t8wmux

Such large transfers can often create short-term volatility in the market as traders react to the potential for these funds to be sold on exchanges.

It’s worth noting that Ethereum ETFs went live and began trading last month. However, contrary to some expectations, market prices didn’t react particularly well to this news. This muted response, combined with the recent price dips, suggests that the crypto market is currently facing some headwinds despite positive developments in the institutional investment space.

Read also: YouTuber Predicts Cardano (ADA) Could Hit $2 in 2024 Despite Extended Consolidation

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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