Whale Moves Bitcoin to Binance

According to on-chain data provider Lookonchain, a whale or institution has deposited 2,364 Bitcoin (BTC) worth nearly $140 million to Binance, one of the largest cryptocurrency exchanges in the world. This significant move, occurring just hours ago, has stirred speculation within the cryptocurrency market.

Depositing to exchanges often indicates an intention to sell, while withdrawals suggest a desire to buy. The true motivation behind this substantial deposit remains uncertain.

Bitcoin Market Trends

Recent data from Glassnode’s weekly report indicates that net capital inflows into Bitcoin have slowed in recent months, suggesting an equilibrium between profit-taking and loss among investors.

Notably, capital inflows into Bitcoin are typically more active, with 89% of days seeing substantial inflow (excluding bear markets dominated by losses). After reaching an all-time high of nearly $74,000 in mid-March, the confidence of new investors has been tested by sideways price fluctuations over the past few months. Meanwhile, a major portion of Bitcoin’s supply has remained securely held for three to six months.

Bitcoin Price Outlook

According to Glassnode, the market has been in a structurally ordered downtrend for over five months, followed by a phase of consolidation and accumulation.

On-chain analytics firm CryptoQuant corroborates this outlook, indicating that the Bitcoin market cycle is currently in a bear phase. CryptoQuant’s head of research, Julio Moreno, warned that if Bitcoin’s price breaks below $56,000, a larger correction could occur.

At the time of writing, Bitcoin is down 1.05% over the last 24 hours, trading at $59,005 amidst sideways price action this week. Bitcoin is on track for a bearish close in August, having already declined 8.44% this month.

Despite this muted trading activity, Santiment has reported a rise in the number of Bitcoin whales. In just one month, 283 new wallets holding at least 100 BTC have emerged, increasing the total to 16,120, a significant 17-month high.

This article was originally published on U.Today.