In a notable development within the cryptocurrency market, four major Bitcoin Whales have acquired a substantial 5,900 BTC from centralized exchanges (CEX) over the past 24 hours. The value of these Bitcoins is approximately $397 million.
Four whales accumulated 5,900 $BTC ($397M) from CEX in the past 24 hours!1️⃣ Whale “12QVs” withdrew 4,500 $BTC ($303M) from #Binance at ~$67,298.• Among these tokens, 3,500 $BTC ($233M) were withdrawn after the #Bitcoin price plunged.2️⃣ Three whales (likely one entity)… pic.twitter.com/YCWNM5GI4z
— Spot On Chain (@spotonchain) July 30, 2024
Whale Withdraw $303 Million in Bitcoin from Binance and $94 Million from Bitfinex
More of the major transactions included the one where a whale with the account name “12QVs” withdrew 4,450 BTC, which was equivalent to approximately $303 million from Binance. A total of 29,451 bitcoins were bought or sold through this transaction at an average price of $67,298 per Bitcoin. More specifically, $233 million worth of 3,500 of the Bitcoins withdrawal was done after a recent decline in the Bitcoin value.
Further, three other whales are believed to move in group and withdrew 1,400 BTC from Bitfinex or about $94 million. Bitcoin was purchase at an average cost of $67,185 for each BTC.
Whale Withdrawals Signal Increased Market Activity
Combined since June 12 these entities have withdrawn a total of 3910 BTC from Bitfinex at an average acquisition price of $ 65764 per Bitcoin. From this activity, the overall profit has been given at about $4.59 million with a movement of 1.79% of the total.
These large withdrawals result from massive market shifts and conscious activities from large-scale holders of Bitcoins. Ultimately, the movement of these whales signals increased trading activity and interest from investors.
