Bitcoin Whale Moves $206M to Binance Amid Market Downturn

A Bitcoin whale has transferred a substantial amount of to Binance, a leading cryptocurrency exchange, following a dramatic price drop in the market. The whale has moved 3,500 BTC, valued at $206 million, at an average price of $58,891 per BTC. Following this, the whale’s current holding stands at 4,368 BTC, valued at $256 million.

This whale further moved 1,700 $BTC ($99.9M) to #Binance 20 minutes ago.

After the #Bitcoin price plummeted today, the whale has moved 3,500 #BTC ($206M) to Binance at an average price of $58,891.

Current holding: 4,368 $BTC ($256M).

Follow @spotonchain for more updates now! https://t.co/EVCBaq15Ne pic.twitter.com/E29KheknHY

— Spot On Chain (@spotonchain) July 4, 2024

Earlier today, the whale moved an additional 1,700 BTC, valued at approximately $99.9 million, to Binance. This transfer occurred just 20 minutes before the latest transfer, further escalating the total BTC moved to 3,500 BTC.

Bitcoin’s Market Review Overview

Stats from IntoTheBlock show that Bitcoin was priced at $57,656.34 as of press time, marking a 5.15% decrease over the past 24 hours, with a market capitalization of $1.2 trillion. This significant price drop has led to varied reactions within the market.

Holders making money at the current price stand at 76%, with 8% at the cash and 16% out of the money. The concentration by large holders is at 12%. Over the past seven days, transactions greater than $100K have amounted to $78.48 billion. Total exchange inflows for the same period are $7.29 billion, while outflows are $6.02 billion. The price correlation with Bitcoin remains perfect at 1. The composition of holders by time held shows that 70% have held for over a year, 25% between 1-12 months, and 5% under a month.

The overall market sentiment is mainly neutral, with two bearish, three neutral, and two bullish signals. Onchain signals reveal a neutral net network growth of 0.17%, a bearish “In the Money” metric at -0.28%, a neutral concentration at 0.01%, and neutral large transactions at -0.18%. Exchange signals indicate a bullish brilliant price at 0.01% and a bid-ask volume imbalance at 14.03%. In derivatives, the futures market momentum is bearish at -1.

The whale’s decision to move a significant portion of their Bitcoin holdings to Binance amid a market downturn could indicate anticipation of further price declines or a strategic move to liquidate or reposition assets. The current market signals show a mixed sentiment, with a slight lean towards neutrality but with critical bearish indicators, particularly in the on-chain and futures market momentum.

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