Bitcoin Whale Withdraws 1,000 BTC From Binance Amid Market Pressure

A Bitcoin whale, previously reported to have impacted the market by selling $467 million BTC in July, has made another move.

On Thursday, reports indicated that the whale withdrew 1,000 BTC, valued at approximately $59.6 million, from Binance, the world’s largest cryptocurrency exchange. The exchange became embroiled in a controversy involving funds from users in Palestine, with trading hours in the United States, in particular, experiencing a significant increase in sell-offs.

Also, the whale withdrawal comes as Bitcoin continues to face selling pressure. Its price has decreased by 14% over the past 30 days and is trading around the $60,000 mark.

Michaël van de Poppe, founder and CEO of trading firm MNTrading, predicted a drop to as low as $56,000. He argued that the loss of the $61,000 mark on lower timeframes was “crucial.”

Data from Spot On Chain reveals that this same whale had earlier contributed to a decline in Bitcoin’s price by depositing 7,790 BTC (worth around $467 million) to Binance between June 27 and July 8, causing the price to drop from $60,800 to around $55,000. The whale’s wallet currently retains 7,559 BTC, with a market value of roughly $451 million.

Recent data from Cryptoquant shows a series of substantial Bitcoin transfers during the ongoing decline. On Tuesday, 7,788 BTC aged between 1 and 3 months and 75,228 BTC aged between 3 and 6 months were moved. The following day, there were further transfers involving 19,067 BTC aged between 1 week and 1 month, alongside 1,863 BTC aged 1 to 3 months and 1,614 BTC aged 18 months to 2 years.

Also, additional movements were noted on Thursday, with 23,345 BTC aged between 1 week to 1 month, 1,220 BTC aged 6 to 12 months, and 16,003 BTC aged 5 to 7 years being transferred. Cryptoquant observed that the movement of older BTC often precedes sales, suggesting that continued activity of this nature might lead to further price adjustments.

Bitcoin exchange balances have decreased by 12.5% since the start of the year, contributing to a decrease in the overall supply available in the market.

Since the beginning of the year, Bitcoin exchange balances have dropped by 12.5%, a significant reduction that is increasing the scarcity of BTC in the market. pic.twitter.com/njXMqFzn93
— Bitcoinsensus (@Bitcoinsensus) August 29, 2024

In the last 24 hours, Bitcoin’s price has experienced a minor increase, even after a 14% drop over the previous month. Bitcoin is trading at an average price of $60,161. According to CoinMarketCap, its 24-hour trading volume has decreased by 22% to $34.4 billion.

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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