A major Bitcoin investor has been actively withdrawing large amounts of Bitcoin from Binance, the world’s largest cryptocurrency exchange, as Bitcoin’s price recently surpassed $60,000. From August 29, this whale has withdrawn a net amount of 3933 BTC approximately worth 234 million USD, and the last withdrawal was a few hours back, as per the data of Spot on Chain.
Whale Holds $630M in Bitcoin After Large Market Moves
These withdrawals were made after a period when the same whale invested a large amount of Bitcoin on Binance. From June 27 to July 8, the whale pumped 7,790 BTC, or around $467 million, to the exchange. This movement of Bitcoin to the exchange was accompanied by a decline in the price of Bitcoin by nearly 14%.
The whale now possesses exactly 10,491 BTC, which could be directly translated to roughly $630 million at the current market rates. Such a large purchase and then withdrawal of Bitcoins define active behavior of the whale in the market.
Whale Activity Influences Crypto Market Trends and Investor Strategies
The latest Bitcoin rally to $60k+ has seen this BTC whale cash out a large figure in BTC from Binance. Market investors sometimes focus closely on such movements in order to detect signs of changing market sentiment or specific large investor strategies.
The activity of the whale, reported by Spot On Chain, shows that the cryptocurrency markets are very volatile and constantly changing. Such activities of whales alter market prices and the behavior of investors due to the high volumes of deposits and withdrawals. The activities of such a significant player like this whale, when the cryptocurrency keeps breaking records and reaching new highs, will shape market trends and strategies of investors.
Source: https://blockchainreporter.net/bitcoin-whale-withdraws-234m-in-btc-from-binance-as-price-surges/