"Whales recently deposited 20,000 Bitcoin to Binance... increasing selling pressure"
Summary
- Recently whales reportedly deposited about 20,000 Bitcoin to Binance, increasing selling pressure.
- Darkpost said these active whale transfers to exchanges are one of the main causes of Bitcoin selling pressure.
- However, it said whale inflows have recently slowed, meaning the most aggressive selling phase has been largely absorbed, but attention should be paid to the potential for large volatility.
Whales (large investors) have recently deposited about 20,000 Bitcoin (BTC) to the global cryptocurrency exchange Binance.
A Darkpost (Darkfost) CryptoQuant contributor said on the 12th through CryptoQuant, "Whales transferred more than 19,500 Bitcoin to Binance from the 12th of last month to the 3rd of this month." Exchange deposits are usually interpreted as sell signals. Darkpost said, "Since mid-last month, there has been a clear change in whale movements," and "This is acting as one of the main causes of the current selling pressure on Bitcoin."
Darkpost said, "However, since last week the whales' inflow to (Binance) has somewhat calmed." Darkpost emphasized, "This slowdown suggests that the most aggressive selling phase has already been largely absorbed," and "Given the uncertain period, the whales' movements that could lead to large volatility should be monitored."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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