Binance Shocks $388 Million Bitcoin Return
Over the past couple of days, the crypto community has witnessed significant Bitcoin outflows from Binance, the largest crypto exchange. Earlier today, a major Bitcoin comeback caught everyone by surprise. According to Spot On Chain, a Bitcoin whale, identified as "12QVsf", withdrew $1,300 BTC from Binance, which amounted to approximately $85.6 million.
This whale has been making several big comebacks lately. In total, they have withdrawn 5,800 BTC from Binance in the past two days, worth around $388 million. These transactions were made at an average Bitcoin price of $66,968.
Bullish Indicators for Bitcoin
The development marks a significant rallying trend among Bitcoin whales, indicating strong interest from high-net-worth investors. These investors are anticipating potential gains in the coming days, which is a positive sign for the market.
In-wheel support is essential for Bitcoin, the leading cryptocurrency by market capitalization. The current strong bullish trend in BTC prices is likely to gain further momentum with these substantial purchases.
Looking forward to the FOMC meeting.
The market is also eagerly awaiting today's FOMC meeting. Although a large response is not expected, the meeting is being seen as an important event. Analysts believe the Federal Reserve could signal a possible rate cut in September.
If a rate cut is announced, it could boost financial markets significantly. Bitcoin, as the leader of the crypto market, may follow this trend. Rate cuts typically encourage investor optimism, which benefits assets like BTC and other cryptocurrencies.
