Bitcoin Whales on the Move: $400M+ BTC Transfers Shake Market Despite Price Bounce

Bitcoin staged a sharp rebound above $70,000 after briefly plunging to the $60,000 range, but market sentiment remains fragile as analysts debate whether the bottom is in or if another Bitcoin crash could follow. Despite the strong price bounce, broader indicators suggest caution, with fear dominating crypto markets and large whale transactions adding potential selling pressure.

The Crypto Fear & Greed Index dropped to an extreme reading of 6, its lowest level since June 2022, signaling deep investor anxiety even as Bitcoin attempted to recover. Analysts note that such extreme fear can sometimes precede relief rallies, but it can also reflect unresolved downside risks. Technical analyst Ted pointed out that Bitcoin failed to firmly reclaim the $70,000 level, warning that a sustained move above this zone is needed to unlock another 8% to 10% upside. Without that confirmation, BTC could revisit recent lows near $60,000.

Trader James Wynn highlighted a rare historical pattern, noting that Bitcoin is on track for its fifth consecutive red monthly candle, something that has never occurred before. While he previously profited from short positions at higher levels, Wynn now says sentiment has flipped bullish near $68,000, even though broader market conditions remain unchanged. Meanwhile, Jeff Parker of ProCap linked the recent volatility to stress in traditional capital markets and Bitcoin ETF flows, echoing similar comments from BitMEX co-founder Arthur Hayes, who cited trading activity around BlackRock’s IBIT ETF.

From a technical perspective, Bitcoin’s structure remains bearish, with lower highs and lower lows persisting since the late-2025 peak near $100,000. Indicators such as RSI hovering near oversold levels and a deeply negative MACD suggest ongoing downside pressure, with a true trend reversal requiring strong bullish confirmation.

Adding to uncertainty, so-called “Trump insider” whale Garrett Jin moved 6,599 BTC, worth roughly $463 million, to Binance following a recent liquidation. Additional large Bitcoin transfers to exchanges have further fueled concerns about potential selling pressure, keeping traders cautious as Bitcoin searches for a sustainable direction.