Bitcoin whale withdraws $234M from Binance as price rises
A major Bitcoin (CRYPTO:BTC) investor, known as a "whale," has been withdrawing a significant amount of Bitcoin from Binance as the cryptocurrency's price surpasses $60,000.
Data from Spot on Chain reveals that since August 29, the whale has removed 3,933 BTC, valued at approximately $234 million.
The latest withdrawal was made just a few hours ago, reflecting active market participation.
This activity follows a period where the same whale deposited a substantial amount of Bitcoin into Binance.
Between June 27 and July 8, the investor deposited 7,790 BTC, valued at around $467 million, into the exchange.
This large deposit coincided with a nearly 14% drop in Bitcoin's price, suggesting potential selling pressure or strategic positioning by the whale.
After these movements, the whale now holds 10,491 BTC, which is about $630 million at the current market price.
The recent withdrawals align with Bitcoin's rise above $60,000, indicating that the whale may be taking profits or securing assets.
Such large transactions by whales are often monitored by other market participants as they can impact market dynamics.
Investors watch these moves closely to understand potential shifts in market sentiment or strategy.
The cryptocurrency market is highly sensitive to the activities of large holders.
When whales move significant amounts of Bitcoin, it can lead to changes in price trends and investor behavior.
At the time of reporting, the Bitcoin (BTC) price was $58,455.60.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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