Anonymous whale withdraws another $19 million worth of BTC from Binance
CryptoNewsTerminal Staff03 Sep, 2024
Anonymous whale withdraws another $19 million worth of BTC from Binance
On-chain analytics service provider, Etherscan's X reported that "Anonymous whale address (institutional, allegedly) just withdrew another 322 $BTC (19.04M USD) from #Binance 15 minutes ago. The address bought 2,322 BTC (136M USD) last 5 days at average price of 58,604 USD, and now holds 8,881 BTC (525M USD)." This latest withdrawal follows a similar $10 million withdrawal on February 6th, suggesting that whales are continuing to accumulate Bitcoin in anticipation of a long-term price increase. The whale's average purchase price of $58,604 is significantly lower than the current market price of $62,000, indicating that the whale is confident in Bitcoin's long-term prospects. This trend of whale accumulation is bullish for Bitcoin, as it suggests that institutional investors are betting on the cryptocurrency's future. Whales are typically large investors with deep pockets, and they are often seen as market movers. When whales accumulate Bitcoin, it can signal that they believe the price is undervalued and that they expect it to rise in the future.
