2 Whale Addresses Deposited $563 Million in BTC to Binance: LookOnChain

IconCryptoNewsTerminal Staff05 Jul, 2024

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2 Whale Addresses Deposited $563 Million in BTC to Binance: LookOnChain

2 Whale Addresses Deposited $563 Million in BTC to Binance: LookOnChain On-chain data analytics provider Lookonchain reported via its X account that "Following the German and US government and Mt. Gox selling their BTC, whales are also selling. 2 whale addresses have deposited 9,301 BTC($563 million) to Binance since June 27, which dragged down the price of BTC." The movement of these funds suggests that these whales are preparing to sell their Bitcoin, which could further pressure the price of the cryptocurrency. This news comes as the price of Bitcoin has been struggling to gain momentum and holds beneath the psychologically crucial $20,000 level since the fall from the FTX collapse. It remains to be seen how the market will react to this news and whether it will trigger a further sell-off.

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