$537 million Binance deposits tied to BTC price drop suggest whales selling: LookOnChain
According to The Block, two significant wallets have deposited 9,500 BTC into Binance since June 27, potentially signaling that major holders are liquidating nearly $550 million in cryptocurrency.
Identified by blockchain analytics firm Lookonchain, these wallets may belong to large investors selling their bitcoin holdings, currently valued at $537 million. When the transfers started last week, the value was closer to $575 million.
Lookonchain examined the timing of transfers from each wallet and discovered a pattern: transfers to addresses identified as Binance deposit wallets by Arkham Intelligence were followed by declines in bitcoin's price, likely due to large sales.
One wallet still holds over 4,300 BTC, worth almost $250 million at present prices. The most recent deposit to a Binance address from this wallet was made two days ago.
The crypto industry has been unsettled recently by the movement of bitcoin linked to the repayment of creditors from the hacked exchange Mt. Gox. This repayment involves bitcoin and bitcoin cash and has already triggered liquidations worth hundreds of millions of dollars across the market. However, the repayment timeline varies depending on the custodian, and some creditors may need to wait up to three months to receive their coins. $BTC
