A Giant Whale Deposits 4,500 $BTC Worth $288.5 Million to Binance

Lookonchain has highlighted that a Bitcoin whale has transacted about $288.5 million in BTC in the last 12 hours to Binance. The total amount of the coins is 4,500 BTC.

The analytics platform took to its official account on X to provide the details of this event.

A whale/institution deposited 4,500 $BTC($288.85M) to #Binance in the past 8 hours.

And the whale/institution also deposited 2,100 $BTC($141.72M) to #Binance 2 days ago.

Address:
bc1qpa5uhy6yc4jnj4et5dxyvzhx7wtqrzt7a43klg pic.twitter.com/fSqtyzBQ1E

— Lookonchain (@lookonchain) July 25, 2024

$420 Million Worth of BTC Deposits in the Last Two Days

In the last 48 hours, the whale has deposited around 6,600 Bitcoin (BTC), around $430 million, in Binance. The first deposit came two days ago. The whale deposited 2,100 BTC ($141.72 million). The second deposit came today, around 9 hours ago. This move is valued at around 4,500 BTC ($288.85 million).

Impact on Bitcoin Price

This move by the Bitcoin whale is certainly not a positive one. It seems like a sell-off. Bitcoin has been trading at $64,214 after a decrease of 3.5% in the last 24 hours.  While Bitcoin’s 24-hour trading volume has increased by around 9.6%, the market cap is down by 3.4%.

Meanwhile, today’s downturn is seen across the market. The global crypto market cap fell by 3.55% to $2.31 trillion in the last 24 hours. Despite this gloomy environment, Bitcoin’s price has surged approximately 25% in the last two weeks, recovering from a low of $54,550. This means that the broader sentiment is still positive.

But still, there’s skepticism about the coin in the short term. Traders may be hesitant to drive up the market aggressively after the recent dip. They will take a more cautious stance. The bearish sentiment is also prevailing in the ETF market. U.S. spot Bitcoin ETFs saw $78 million in total net outflows on Tuesday, ending a 12-day positive streak.