Three newly created wallets have withdrawn a total of 1,400 BTC from Binance, equivalent to 165.18 million USD.
This activity occurred over a span of three days, with a single wallet withdrawing 400 BTC, equivalent to 47.26 million USD, according to monitoring data from Onchain Lens on July 20, 2024.
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Three new wallets have withdrawn a total of 1,400 BTC from the Binance exchange in 3 days.
The value of this withdrawal reached 165.18 million USD at current prices.
Data was accurately recorded by Onchain Lens on July 20, 2024.
Why is the withdrawal of a large amount of Bitcoin from Binance noteworthy?
According to cryptocurrency financial analysts, large transactions from newly created wallets often signal potential market volatility. The event of 3 new wallets withdrawing a total of 1,400 BTC from Binance could affect liquidity and the price of Bitcoin, drawing significant attention from investors and traders.
On July 20, 2024, Onchain Lens recorded data showing that this large amount of Bitcoin was withdrawn in a short period, with a single wallet withdrawing up to 400 BTC, equivalent to nearly 47.26 million USD, reflecting the financial strength and potential preparedness of the individuals or organizations behind these wallets.
The movement of large amounts of Bitcoin from newly created wallets is a sign to be cautious about upcoming market trends, which could signal accumulation or preparation for other large transactions.
Nguyễn Văn An, Cryptocurrency Financial Expert, 2024
What potential impacts could occur when large amounts of Bitcoin are withdrawn from exchanges?
The withdrawal of large amounts of Bitcoin from centralized exchanges like Binance is often related to transferring to self-managed wallets, cold wallets, or personal addresses, reducing selling pressure in the market. This can create upward price momentum due to reduced supply on exchanges.
However, if Bitcoin is withdrawn to sell or speculate, it could also create short-term downward pressure. Glassnode analysts have pointed out that the outflow of Bitcoin from exchanges is an important indicator of long-term accumulation trends. The case of 3 new wallets withdrawing 1,400 BTC shows that investors may be preparing for significant investment strategies or asset preservation.
Real-life examples of the influence of Bitcoin whales in the market
In 2023, Chainalysis data showed that Bitcoin whales often increase asset value by transferring Bitcoin from exchanges to cold wallets, limiting market supply. This increases demand pressure and drives the bull market effect. The recent withdrawal of 1,400 BTC from Binance is seen as a clear testament to the trend of whales accumulating or converting assets.
Frequently Asked Questions
1. Why do large withdrawals of Bitcoin from new wallets attract attention?
This is a sign that new investors or organizations are entering the market or transferring large assets, which may affect prices and market trends.
2. How does the withdrawal of Bitcoin from exchanges affect prices?
Bitcoin withdrawn from exchanges often reduces supply on exchanges, which can push prices up if demand remains unchanged or increases.
3. How to identify Bitcoin whale activities in the market?
On-chain data and wallet tracking tools help identify large transactions from whales, providing important information for investors.
4. What could the large withdrawals of Bitcoin by new wallets signal to traders?
This could signal accumulation, preparation for large transactions, or reflect capital flow trends in the market.
5. What is Onchain Lens and how important is their data?
Onchain Lens is a blockchain data analytics platform that provides accurate insights into cash flow and transactions to enhance market understanding.
Source: https://tintucbitcoin.com/vi-moi-rut-1-400-btc-trong-3-ngay/
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