Whale Withdraws 1,000 BTC Worth $574M From Binance

 
Ritu Lavania
Written By 
Ritu Lavania
September 2, 2024

A whale address that sold $467 million worth of Bitcoin in July withdrew 1,000 BTC (about $574 billion) from Binance two hours ago.

As reported by Spot on Chain, overall, the whale address has withdrawn 2,000 BTC from Binance in the past 4 days, with an average price of $58,525. Previously, the whale address had deposited 7,790 BTC (about $467 million) to Binance at an average price of 59,953 between June 27 and July 8, during which time the price of Bitcoin went down by 14%.

The wallet holder still holds 8,559 Bitcoins which is worth US$494 Million.

Courtesy: Spot on Chain

Bitcoin has already plummeted by 1.4% in the past 24 hours and is currently trading at $57,724.44. Bitcoin has already bled for the past month with a slump of 6.2%.  The transfer comes at a time when other top anonymous wallets, and whales, remained inactive.But after this move, sudden sell-offs could be a possibility.

As for what looks like to be the case for Bitcoin in September, depends on Bitcoin ETF inflows. If institutional capital continues to show confidence in the crypto, BTC price could sustain above key at $60,000 in September. Even so, no major fluctuations are expected before US elections.
Also Read: As Bitcoin Holds Near $60K, Will a Wedge Pattern Signal the Next Big Move?

 

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.