Binance Receives Gargantuan Bitcoin Deposit From Wallet Linked to Previous Surge
A Bitcoin whale known for his big moves that impact the market has reportedly deposited 4,451 BTC, equivalent to $133.7 million, to Binance, as per the tweet from Lookonchain. This substantial deposit has sparked a flurry of speculation among crypto enthusiasts and market analysts.
According to Lookonchain, the last time this particular whale made a significant deposit to Binance was on January 30, when they transferred 5,000 BTC (worth $118 million at the time). Following that deposit, the price of Bitcoin dropped by approximately 4.2%.
The whale in question is known to have accumulated approximately 25,160 BTC (valued at $480 million) between October 6 and December 15 of the previous year, at an average cost of $19,059 per BTC. The whale’s current holdings stand at 15,603 BTC, or roughly $469 million.
In the past week, Bitcoin’s price has seen some fluctuations. On July 12, the price opened at $30,625 and closed at $30,386. The following day, the price surged to a high of $31,826.9 before closing at $31,475.4. On July 14, the price experienced a significant drop, opening at $31,473.9 and closing at $30,328. Over the next few days, the price remained relatively stable, hovering around the $30,000 mark. As of July 18, the price closed at $29,868.5.
These recent price movements, coupled with the whale’s substantial deposit, have led to increased market scrutiny. While it’s impossible to predict the exact impact of these large-scale transfers, they undeniably contribute to the dynamic and ever-evolving narrative of the cryptocurrency market.
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