The whale who reportedly shook the market by dumping $467 million of Bitcoin back in July just made another big move. Reports have emerged today, August 29, that the whale withdrew 1,000 BTC (worth approximately $59.6 million) from the world’s biggest digital assets exchange, Binance.
This move comes at a time when the largest crypto has been dealing with fluctuating selling pressure over the past few weeks. BTC price is down by 14% in the last 30 days and hovering around the $60,000 zone.
Bitcoin whale moves 1K BTC
According to the data shared by Spot On Chain, this same whale had caused a 14% drop in Bitcoin’s price by depositing 7,790 BTC (worth approximately $467M) to Binance between June 27 and July 8. BTC price dropped straight from $60,800 to $55,000 zone during this period.
The same whale address now holds 7,559 Bitcoin (worth approximately $451 million). This whale’s next move could send ripples through the entire crypto market.
Bitcoin exchange balances have dropped by 12.5% since the beginning of the year. It is seen as a major reduction that is directly increasing the scarcity of BTC in the market.
BTC price saw a marginal surge over the last day after recording a decline of 14% in the last 30 days. BTC is trading at an average price of $60,161 as of press time. Its 24-hour trading volume is down by 22% to stand at $34.4 billion.
Cryptoquant flags major BTC movements
Cryptoquant reported that over the past few days, there have been several major moves during Bitcoi’s latest decline phase. These moves have paved the way for further drops. It mentioned that on August 27, 7,788 BTC aged 1-3 months and 75,228 BTC aged 3-6 months suddenly came out of hibernation. Observers do not see these developments as great signs.
It added that the next day, August 28th, 19,067 bitcoins aged 1 week to 1 month, 1,863 bitcoins aged 1-3 months, and 1,614 bitcoins aged 18 months to 2 years were transferred.
By August 29th, Cryptoquant highlighted the movement of 23,345 BTC aged 1 week to 1 month, 1,220 BTC aged 6-12 months, and 16,003 BTC aged 5-7 years shifting hands. When old BTC moves, it often signals impending sales. It suggested that if this pattern persists, it could contribute to further declines in Bitcoin’s price.
