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Big Institutions Offloading BTC: Massive Deposits Flood Binance

19.08.2024 20:00 1 min. read Alexander Stefanov
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Big Institutions Offloading BTC: Massive Deposits Flood Binance

Bitcoin (BTC) has struggled to recover after a sharp decline below $50,000 in early August, amid a downturn in global markets.

Despite this, institutional investors are reportedly continuing to offload their BTC holdings.

According to a Lookonchain update, the custody platform Ceffu, linked to Binance, deposited $7 million worth of BTC in a single day. Since July 31, Ceffu has moved a total of 3,568 BTC, valued at approximately $211.6 million, to Binance. This significant transfer suggests that institutions are actively selling their Bitcoin assets.

In addition to Ceffu, the crypto market maker Wintermute has recently deposited $97.03 million worth of WBTC into Binance. On-chain analyst ai_9684xtpa noted that Wintermute added 1,631,863 WBTC (about $97.03 million) to the exchange in the last 13 hours alone.

Overall, Wintermute’s deposits since August 17 have totaled 5,860.67 WBTC, worth around $348 million, leading to speculation that the firm might be reducing its WBTC holdings.

Furthermore, QCP Capital, a Singapore-based cryptocurrency trading firm, has also contributed $5.87 million worth of WBTC to Binance. On-chain analyst The Data Nerd reported that QCP Capital deposited 100.5 WBTC, equating to $5.87 million.

Experts caution that these large-scale institutional sales could exert downward pressure on Bitcoin’s price.

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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