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Home»ADOPTION NEWS»$537M Binance Deposits Linked to BTC Price Drop Suggest Whale Selling: LookOnChain
ADOPTION NEWS

$537M Binance Deposits Linked to BTC Price Drop Suggest Whale Selling: LookOnChain

By Crypto FlexsJuly 5, 20242 Mins Read
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7M Binance Deposits Linked to BTC Price Drop Suggest Whale Selling: LookOnChain
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The Block • July 5, 2024 3:31 PM EDT

Posted 1 minute earlier In ~

9,500 was deposited into 2 wallets. Bitcoin

-2.94%
Since June 27, there has been an influx of funds into Binance, meaning whales are liquidating around $550 million worth of cryptocurrencies.

First spotted by blockchain analytics firm Lookonchain, the wallet could represent a whale cashing out $537 million worth of bitcoin. When transfers began last week, the stash was worth closer to $575 million.

Lookonchain also analyzed the timing of transfers between the two wallets and found a correlation between transfers to addresses tagged by Arkham Intelligence as Binance deposit wallets and the Bitcoin price drop triggered by the massive sell-off.

One wallet still holds over 4,300 bitcoins, worth about $250 million at current prices. The most recent deposit to a Binance address was made two days ago.

The cryptocurrency industry has been rocked by recent Bitcoin moves related to the recent hack of Mt. Gox, which has repaid its creditors with Bitcoin and Bitcoin Cash. The news has already caused hundreds of millions of dollars in liquidations across the cryptocurrency market, but the repayment schedule varies by custodian, with some creditors having to wait up to three months to receive their coins.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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