A Bitcoin Whale, after getting attention for a huge sell-off back in July, regains attention with another significant move. This time, the whale is following a different strategy. Spot On Chain, a popular on-chain analytics provider, has disclosed that the whale has recently redeemed up to 1,000 $BTC from Binance. The analytics firm took to its official X account to provide the details of the respective event.
The whale who allegedly dumped $467M worth of $BTC in July just withdrew 1,000 $BTC ($59.6M) from #Binance an hour ago.In the last moves, the whale deposited 7,790 $BTC ($467M) to Binance at ~$59,953 between Jun 27 and Jul 8, 2024, during which the #Bitcoin price dropped ~14%.… https://t.co/ml1Kaaoj12 pic.twitter.com/bjxgdDVMMo
— Spot On Chain (@spotonchain) August 29, 2024
Whale Who Supposedly Sold 7,790 $BTC Extracts $59.6M in Bitcoin from Binance
In its latest X post, Spot On Chain pointed out that the whale has extracted nearly $59.6M from Binance. The respective move has ignited concerns and speculation among the overall crypto community. It could reportedly indicate additional market volatility. First of all, the whale obtained huge attention back at June’s end and July’s start. At that time, the whale deposited a massive amount of 7,790 $BTC into Binance.
The value of those assets was approximately $467M at that time. The noteworthy $BTC influx took place simultaneous to an enormous price dip in the crypto market. Between June 27 and July 8, the price of the chief crypto token slumped by almost fourteen percent. The move occurred at such a time that several considered the price dip as a result of the whale’s actions.
The Whale Still Possesses 7,559 $BTC with a Value of $451M
According to Spot On Chain, after the latest $BTC extraction, the present holdings of the whale stand at nearly 7,559 $BTC, accounting for a value of $451M. This massive holding still places the whale among the influential players in the $BTC market. Following this withdrawal, many concerns have risen regarding the intention of the whale behind this move. The whale might be getting ready to sell an additional $BTC, potentially in an OTC deal.
