Crypto Whale Deposits Bitcoin Worth $617 Million to Binance in Around 10 Days

Wealthy crypto investors, also known as whales, have made significant Bitcoin transfers during the past few weeks.

Lookonchain spotted a very large BTC transfer, that occured around 1 hour ago. An unknown whale transfered 809 BTC worth $45.18 million to the top cryptocurrency exchange Binance.

This move indicates intentions to sell, which could put further preassure on the market.

The same wallet (3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN) had deposited 7,790 BTC to Binance since June 27 (11 days ago). These tokens are valued at $468 milliona at the time of writing. The addres currently holds 6,559 BTC worth $379 million.

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Additionally, 10,845 BTC were sent between two unidentified addreses, amouting to around $617 million, according to data from WhaleAlert.

Although it is good to see increased whale activity in the Bitcoin blockchain, such transfers to crypto exchanges and brokers are spreading fear among smaller investors, which sometimes leads to panic selling.

Proof of this is Germany’s recent efforts to sell their Bitcoin holdings. The $2.7 billion they initially held might not seem that much, but it apparently cause serious volatility and Bitcoin reached a multi-month low.

At the time of writing Bitcoin is trading at $57,100 after a 8.8% price drop on the weekly chart and has a 24-hour trading volume of over $32.4 billion.

Alexander Stefanov