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Large on-chain moves involving Bitcoin whales could make the market nervous, especially in relation to transfers to centralized exchanges. A brand new transaction that saw 5,152 BTC transferred to Binance is now raising questions on possible selling pressure at the moment The price development of Bitcoin is fragilevery reactive and difficult to attain Get the bullish momentum.
Bitcoin Whale transfers 5,152 BTC price $445 million to Binance
On-chain data identified Whale transaction tracker Lookonchain has revealed that a long-time Bitcoin holder deposited 5,152 BTC price roughly $444.73 million to Binance. Data sourced from Arkham Intelligence shows that the wallet belongs to an entity identified as Bitcoin OG (1011short). Dealer is understood to stop a large combined long position valued at around $695 million in Bitcoin, Ethereum and Solana.
The size and purpose of the transfer immediately attracted attention, as coins sent to exchanges are frequently interpreted as making them available for trading activities. Transferring such a considerable amount of BTC to Binance increases immediate liquidity on the sell-side and shows that the whale address is preparing to sell. This follows the recent trend of whale addresses selling their Bitcoin holdings and a general lack of shopping for pressure for the cryptocurrency.
Interestingly, Lookonchain data shows that it is similar Bitcoin OG (1011short) wallet recently added one other one 12,406 ETH to his long commitment, bringing his current holdings to 203,341 ETH price about $577.5 million, together with 1,000 BTC price nearly $87 million and 250,000 SOL price about $30.7 million. Despite the increasing engagement, the wallet is now down by greater than $70 million after profits fell from over $120 million to lower than $30 million on the time of writing.
Bearish whale behavior just isn’t an isolated incident
This Binance deposit just isn’t isolated. Lookonchain also noticed activity from one other whale address, 0x94d3, which has explicitly taken bearish motion over the past few hours. According to the info, the whale sold 255 BTC price about $21.77 million at a mean price of $85,378 before opening a 10x leveraged short position at 876.27 BTC price about $76.3 million. The same wallet also initiated a leveraged short on 372.78 ETH, price around $1.1 million.
Bitcoin’s recent price movements make these whale moves particularly impactful. The leading cryptocurrency once more did not hold above $90,000 and recently fell to a 24-hour low of $84,581. This move has caused Bitcoin to trade in a volatile range and has repeatedly reached support zones across the mid-$80,000 region. The upside above $90,000 was limited and that too has made the cryptocurrency vulnerable.
Interestingly, a careful have a look at the on-chain data shows that any move that appears like an accumulation over the past few days just isn’t an organic buy but only a reorganization of the purse strings.
BTC price continues to struggle | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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