Two wallets have deposited 9,500 Bitcoins to Binance since June 27, potentially indicating whales have liquidated nearly $550 million in cryptocurrency.
These wallets, discovered by blockchain analytics firm Lookonchain, may represent whales taking profits, currently valued at $537 million. When transactions began last week, this BTC was worth nearly $575 million.
Lookonchain also analyzed the timing of transfers from each wallet and found a correlation between transfers to addresses tagged by Arkham Intelligence as Binance deposit wallets and the subsequent drop in Bitcoin price that could be attributed to massive sell-off caused.
One wallet still holds more than 4,300 BTC worth nearly $250 million at current prices. The most recent deposit to the Binance address occurred two days ago.
The cryptocurrency industry has been roiled in recent days by the move to refund $9 billion in Bitcoin and Bitcoin Cash by hacked exchange Mt. Gox. The news triggered hundreds of millions of dollars in liquidation in the market, although repayment timelines vary by custodian and some creditors may have to wait up to three months to receive their money.
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