Bitcoin has grabbed the crypto community’s attention with an enthralling occurrence, as a whale deposited a significant amount of BTC into Binance, the world’s largest cryptocurrency exchange.
The substantial transaction has ignited speculation regarding potential selling pressure and its potential effects on the price of BTC. It is worth mentioning that this massive deposit occurred when BTC exhibited signs of recovery after experiencing losses in the previous week.
Bitcoin Whale Makes Major BTC Transfer to Binance
Renowned on-chain analyst Lookonchain has reported that a prominent Bitcoin whale recently deposited 1,750 BTC, valued at more than $48 million, onto the Binance exchange just a few hours ago. This event has sparked apprehension among market observers, who perceive such substantial transactions as potential indicators of impending selling pressure.
Significantly, Lookonchain highlights that this particular whale has a track record of purchasing substantial Bitcoin. According to the analyst’s findings, the whale initially acquired 10,000 BTC, worth $171 million, on December 1, 2022, when the price of Bitcoin stood at $17,101.The whale’s Bitcoin holdings currently stand at 2,459 BTC, resulting in an estimated profit of around $107 million.
Bitcoin Market Anticipates Volatility Amidst Whale’s Move
The response of the BTC market to this whale’s actions can be highly unpredictable since the large investor may have motives other than selling the coins. However, considering the historical patterns of price fluctuations that have followed whale deposits on exchanges, it is likely that BTC will soon undergo a surge in volatility.
Based on past events, there is a potential for a temporary decline in BTC price if the whale decides to sell their BTC deposit. The sudden injection of 1,750 BTC into the exchange could initiate a chain reaction of sell-offs by other market participants, resulting in a brief downturn.
Before the emergence of bullish signs, BTC had been experiencing a downward trend over the past few weeks, with a decline of over 10% in the last month. Despite the whale’s activity, BTC trading volume remains below $10 billion.
BTC Price
At the time of writing, the current price of BTC is $26,789, accompanied by a 24-hour trading volume of $15,157,592,389. Within the last 24 hours, Bitcoin has observed a decline of 2.06%. The live market capitalization is valued at $519,452,846,814, with a circulating supply of 19,377,375 BTC coins and a maximum supply of 21,000,000 BTC coins.
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