CandleFocus

Whale Withdraws $161.35 Million BTC from Binance, Signaling Bitcoin Accumulation Continues 

Author: Content Editor
The overall crypto market is experiencing a downturn, with major tokens like Bitcoin and Ethereum struggling. Amidst this, a whale has withdrawn a significant amount of Bitcoin from Binance, indicating ongoing accumulation. This withdrawal occurred as Bitcoin's momentum cooled, and the whale and other large traders are taking advantage of the market dip to acquire more BTC. Additionally, on-chain data shows that dormant Bitcoin coins from five to seven years ago are re-entering circulation, sparking doubts about long-term holders' motives. Smaller retail investor wallets have been declining while larger addresses continue to accumulate BTC. Bitcoin's price has been struggling to surpass $100,000, and the prolonged slowdown has led to speculation about consolidation or a further drop. The recent decrease in market activity and trading volume suggests a lack of market participation. The activity of whales, including one dormant whale that has moved a significant amount of BTC, is believed to impact the market's movement. If this whale continues to sell BTC and suppress the price below $100,000, the correction phase could extend for weeks. However, ongoing accumulation and repositioning could lead to a significant uptrend once selling activity subsides.

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