Bitcoin Whales Accumulate as Major Withdrawals from Binance and Bitfinex Signal Bullish Trends
Bitcoin Whales Accumulate 4,500 BTC, Signaling Bullish Trends
As Bitcoin undergoes a retracement from its recent highs, whale activity has surged, indicating potential bullish trends in the near future. One particular whale address, identified as “12QVsf,” has recently withdrawn a significant amount of Bitcoin from major exchanges, suggesting a strong accumulation strategy.
Withdrawals from Binance
According to whale tracking platform Lookonchain, whale “12QVsf” withdrew a total of 4,500 BTC, valued at approximately $302 million, from Binance within the last 22 hours. The withdrawals were made at an average entry price of $67,182 per BTC, indicating a strategic move by the whale to accumulate more assets.
The transactions included several large withdrawals, with amounts ranging from 450 BTC to 1,000 BTC. Whale “12QVsf” currently holds 4,500 BTC with an unrealized loss of around $12.12 million, as reported by Arkham Intelligence.
Bitfinex Sees Major BTC Outflows
In addition to the withdrawals from Binance, Lookonchain also identified three wallets potentially linked to the same whale that withdrew a combined total of 1,400 BTC from Bitfinex. These withdrawals follow a previous transaction of 2,510 BTC from Bitfinex on June 20, indicating a consistent accumulation strategy by the whale.
The total value of today’s withdrawals from Bitfinex amounted to $94.09 million, with significant amounts being withdrawn from each wallet. This pattern of large withdrawals suggests a deliberate accumulation strategy influenced by market conditions and future price expectations.
Analyzing Whale Activity Indicators
Technical indicators such as TradingView’s Accumulation/Distribution (Acc/Dist) line and the MACD indicator support the observed accumulation trend. The Acc/Dist line shows a consistent upward trend, while the MACD indicator displays positive histogram bars and a bullish crossover of the MACD lines, indicating growing bullish momentum.
Overall, the recent whale activity, coupled with technical indicators, suggests a positive outlook for Bitcoin’s price in the near future. Investors are advised to conduct thorough research before making any investment decisions.
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