According to on-chain analytics firm Lookonchain, a massive whale recently deposited 4,164 Bitcoin (BTC) into Binance, one of the world’s largest cryptocurrency exchanges. According to Lookonchain, this enormous transfer, worth almost $243.8 million, occurred during the last three days.
On Aug. 31, Lookonchain reported that this whale, or probably an institutional holder, deposited 2,364 BTC worth $140 million into Binance on Aug. 31.
This whale deposited 4,164 $BTC($243.8M) to #Binance in the past 3 days.https://t.co/vdx96ZrFRH pic.twitter.com/N1j8LHqJ3D
— Lookonchain (@lookonchain) September 2, 2024
Now the whale has moved nearly a quarter of a billion dollars into Binance in three days. Depositing onto exchanges may imply an intent to sell, but withdrawals might indicate intentions to buy.
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Against this backdrop, the whale's massive BTC move has sparked speculation on the market. The whale may be preparing to sell, positioning for future market movements, or even preparing to leverage the deposited funds in Binance’s various financial products.
Bitcoin starts September on bearish note
The whale’s deposit comes at a time when Bitcoin is experiencing consolidation. Bitcoin closed the month of August down 8.73%, falling below its historical average of 1.75% gains.
After facing a downturn in August, BTC price conditions failed to improve over the weekend, with September starting with a fresh two-week low. Bitcoin (BTC) fell to a low of $57,119 in the early Monday trading session, extending its seven-day decline to about 9%, while the broader crypto market fell behind.
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Some observers highlighted that BTC's drop is consistent with the bearish seasonality experienced in September. However, signals of impending interest-rate decreases by the U.S. Federal Reserve this month could reverse the trend.
In the coming days, the market will keenly monitor the whale's next move, anticipating what this significant shift may entail for Bitcoin and the crypto market.
At the time of writing, BTC was up 0.58% in the last 24 hours to $58,354.
