A whale address that sold $467 million worth of Bitcoin in July withdrew 1,000 BTC (about $574 billion) from Binance two hours ago.
As reported by Spot on Chain, overall, whale addresses have withdrawn 2,000 BTC from Binance over the past four days, at an average price of $58,525. Previously, whale addresses deposited 7,790 BTC (~$467 million) to Binance between June 27 and July 8, at an average price of $59,953. During this period, the Bitcoin price fell by 14%.
The whale that reportedly threw away $467 million worth of money $Bitcoin Another 1,000 was withdrawn in July. $Bitcoin ($57.4M) from #Binance ~20 minutes ago at the very bottom.
In total, the whale withdrew 2,000. $Bitcoin ($117M) Bought on Binance for an average of about $58,525 over the last 4 days.
Previously, whales… https://t.co/ml1Kaaoj12 pic.twitter.com/17rv7uBzdR
— Spot on Chain (@spotonchain) September 2, 2024
The wallet holder still holds it 8,559 Bitcoin worth it $494 million.
Bitcoin has already fallen 1.4% in the last 24 hours and is currently trading at $57,724.44. Bitcoin has already bled over the past month, falling 6.2%. This transfer occurred at a time when other top anonymous wallets and whales were inactive. However, there is a possibility of a sudden selloff following this move.
What happens to Bitcoin in September depends on Bitcoin ETF inflows. If institutional capital continues to show confidence in the cryptocurrency, the BTC price could remain above the key support level of $60,000 in September. Nevertheless, no major moves are expected before the US elections.
Also Read: As Bitcoin Stuck Near $60,000, Could a Wedge Pattern Signal the Next Big Move?