Large on-chain movements involving Bitcoin whales have a way of putting markets on edge, especially when they involve transfers to centralized exchanges. A new transaction with 5,152 BTC moving to Binance has now raised questions about potential selling pressure. Bitcoin’s price action is fragileIt’s very reactive and struggling. Build bullish momentum.
Bitcoin whale transfers 5,152 BTC worth $445 million to Binance
Check on-chain data According to whale trading tracker Lookonchain, long-term Bitcoin holders deposited 5,152 BTC worth approximately $444.73 million into Binance. According to data pulled from Arkham Intelligence, the wallet belongs to an entity tagged as Bitcoin OG (1011short). Traders known to have A large consolidated long position estimated at approximately $695 million in Bitcoin, Ethereum, and Solana.
The size and destination of the transfer immediately attracted attention, as coins transferred to exchanges are generally interpreted as usable for trading activities. Moving such a large amount of BTC to Binance increases immediate sell-side liquidity and indicates that whale addresses are ready to sell. This follows the recent trend of whale addresses selling their Bitcoin holdings and a general lack of buying pressure for the cryptocurrency.
Interestingly, Lookonchain data shows that the same Bitcoin OG (1011short) wallet I recently added one more Long exposure of 12,406 ETH increased current holdings to 203,341 ETH worth approximately $577.5 million, as well as 1,000 BTC worth $87 million and 250,000 SOL worth approximately $30.7 million. Despite the increased exposure, wallets are now down more than $70 million and revenue has fallen from $120 million to less than $30 million. At the time of writing.
Bearish whale behavior is not isolated
This Binance deposit does not occur in isolation. Lookonchain also noted activity from 0x94d3, another whale address that has taken explicitly bearish action in the past few hours. According to the data, the whale sold 255 BTC worth about $21.77 million at an average price of $85,378, and then initiated a 10x leveraged short position on 876.27 BTC worth about $76.3 million. The same wallet also initiated a leveraged short sale of 372.78 ETH, worth approximately $1.1 million.
Bitcoin’s recent price action has made these whale movements particularly influential. The major cryptocurrency failed to stay above $90,000 again and recently fell to a 24-hour low of $84,581. This move caused Bitcoin to trade in a volatile range, repeatedly revisiting support zones around the mid-$80,000 region. Upside above $90,000 is limited and this It made cryptocurrencies vulnerable.
Interestingly, a careful look at the on-chain data shows that all movements that appear to be recent build-ups are not organic purchases. However, it is only reorganized among wallets.
Featured image created with Dall.E, chart from Tradingview.com
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