A significant whale transaction has added to the growing concerns about a potential Bitcoin price drop. The whale moved 15,945 Bitcoins to Binance in a single transaction, joining other whales and institutional investors who are selling their BTC holdings amid fears of a severe price decline. This move comes as Bitcoin miner capitulation concerns mount due to declining daily revenue and network hashrate.

The recent surge in mining pool transfers and over-the-counter (OTC) sales of Bitcoin also indicate that miners are selling their BTCs, believing there is no upside amid macro concerns and elections. The U.S. Federal Reserve's dovish stance, with officials hinting at a single rate cut this year, has further fueled these concerns.

Bitcoin Options Traders Target $55K

The upcoming expiration of over 97,782 BTC options on June 28 has put pressure on the Bitcoin price. With a put-call ratio of 0.49 and the max pain point at $55,000, it suggests that the price will remain under selling pressure. The significant decline in implied volatility across all major terms indicates that a forecast of the price tumbling below $65,000 is highly likely. This could lead to a drop in the price to $60,000 due to high leverages.

The current Bitcoin price is $66,955, down 1% in the last 24 hours and 6% in a week. Trading volumes have declined by more than 30% in the last 24 hours, indicating a massive drop in interest among traders.