2024-10-25 16:19 |
A Bitcoin whale has transferred 850 BTC worth approximately $57.3 million to Binance. This adds to previous asset movement to centralized crypto exchanges as some analysts flag a correction. Although the asset’s price has been up in the last seven days, flows to exchanges can spell an imminent sell-off. Crypto whales and institutional traders have recently shaped the market with huge trades since the approval of spot Bitcoin ETFs.
Bitcoin Whale Activity Shakes SentimentRecent whale asset movement to exchanges has slightly weakened the market sentiment. Data from crypto analytics firm Lookonchain shows that a whale moved 850 BTC valued at $57 million to Binance. In the last seven days, the whale has moved 4,860 BTC worth about $327 million to Binance. This funds flow in the past week signals a potential sale, leaving many with raised eyebrows.
Traditionally, crypto transfers to centralized exchanges point to an imminent sale, leading to a price decline. On the other hand, movements out of exchanges to alternative custodians show determination for a long-term hold strategy. This is due to ease of sale when assets are on centralized exchanges.
A major reason for the increase in bearish sentiments is the movement to a huge exchange like Binance with high market volume. The fear of easy sales and volume contributes to the status quo. This week, a Satoshi-era Bitcoin whale sold $9.6 million worth of BTC on Kraken. Aside from the market leader, this sell pressure has also been recorded in altcoins, as reflected in the 24-hour price change.
Bears Speculate Price DeclineThe crypto market picked up gains in the last two weeks on the back of increased institutional investment. However, in the last 24 hours, the market has faced reduced sentiments. Whale and institutional transfers are known to trigger this effect, as was seen in pre-halving and in 2022. The wider market has been down 1.85% in the last 24 hours, with trading volumes plummeting by 10%.
Bitcoin’s price has plunged nearly 5% from its recent high, with assets exchanging hands at $67,532. This correction has affected the sentiments of altcoins and meme tokens. Ethereum’s price trades at $2,530, a 1.6% drop in the last 24 hours, wiping off gains in the last 14 days.
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