Massive Stablecoin Transfer to Binance: Why the Dip?

• Galaxy Digital has transferred a massive 30 million USDT to Binance.
• Bitcoin has dropped 2.56% in the past 24 hours, losing the $90,000 price level.
• BTC is down more than 6% from its all-time high of $93,434.36.

Bitcoin fell below the $90,000 mark in the past 24 hours, dropping by 2.56%. Seemingly taking advantage of this dip, Galaxy Digital, the digital asset and blockchain firm, transferred 30 million USDT to Binance. This move implies a new position in BTC for the firm.

Arkham Intelligence reports that Galaxy Digital’s wallet transferred the stablecoins on Friday. Interestingly, on Thursday, the firm, led by Bitcoin proponent Michael Novogratz, withdrew 30 million USDT from Coinbase.

One X user noted that Binance lists more meme coins than Coinbase. The current market cycle features a surge in meme coins like Dogecoin (DOGE), Peanut the Squirrel (PNUT), Pepe (PEPE), Dogwifhat (WIF), and others. This has led to speculation that Galaxy Digital may be seeking exposure to these tokens.

Read also: Bitcoin Strengthens as Altcoins Gain Ground Amid Bullish Sentiment

At the time of writing, Bitcoin trades at $87,759.58, down 6.27% from its all-time high of $93,434.36, reached just two days ago. Since then, Bitcoin has been consolidating between the higher $80,000 and lower $90,000 price levels.

Bitcoin Price Correction

The price of Bitcoin rose 15.28% in the past week and 30.80% in the last 30 days. Further, the cryptocurrency is up 146.83% since November 2023. Notably, the market cap of the digital asset stands at $1.74 trillion while its trading volume is $86.25 billion at the time of publication. Despite being slightly bearish on Friday, the market leader shows significant potential for upside.

The Relative Strength Index (RSI) reads a value of 74.76 which means that Bitcoin is still overbought and the gradient of the line suggests that there is potential for higher prices. The buying pressure is still quite high for BTC.