A major Bitcoin holder has deposited 1,700 BTC to Binance a few hours ago. The value of these tokens is approximately $99.92 million. According to Lookonchain, this adds to a previous deposit of 3,500 BTC, worth $206 million, made within the same day. Earlier today, the whale also deposited 1,800 BTC to Binance at a loss. The value of these Bitcoins is $106 million.
Note that this whale deposited 1,700 $BTC($99.92M) to #Binance again 20 minutes ago.He deposited 3,500 $BTC($206M) to #Binance in just 5 hours!https://t.co/gq0KtAOQEZ pic.twitter.com/tTKWALqNak
— Lookonchain (@lookonchain) July 4, 2024
Whale Transfers 6,981 BTC to Binance Since June 27
Apparently, it has transferred 6,981 BTC to Binance since June 27 all at a loss. This significant activity has not gone unnoticed by market observers and analysts. These large transactions by whales can affect the existing price trends in the markets and may point to future directions.
This is a clear hint that the Whale’s recent deposits have been a reason for the volatility experienced in the Bitcoin market. These movements should be watched carefully since they may lead to more movements in price by traders or investors. The whale’s decision to move such large amounts for transactions to Binance may indicate bearish sentiment or liquidity concerns.
Market Awaits Bitcoin Reaction to Whale Transactions
This situation underlines the necessity of tracking large transactions in the Crypto market. Portfolio shifts of large shareholders can also have an effect on the market and small investors.
Therefore, it is still unknown how the market will react to these transformations and how the price of Bitcoin will evolve and what actions whales might take.