Why Are Whales Moving Bitcoin to Binance? Weekly Whale Watc

Bitcoin recently reached a new all-time high (ATH) of $124,474 but has dropped around 3.5% in the last 24 hours. This decline aligns with CryptoQuant data suggesting that whales—large Bitcoin holders—may be selling, impacting the price as it retreats from the ATH.

Whales Are Capitalizing on the Rally

Over the past 24 hours, Binance has seen a substantial inflow of Bitcoin, with 6,060 BTC (approximately $722 million) added to the exchange. CryptoQuant data indicates that much of this activity comes from whales.

Analyst JA Maartunn from CryptoQuant explains that recent economic reports, including US Jobless Claims, PPI, and Retail Sales, are influencing whale behavior:

> “This is likely a reaction to rising prices and positioning ahead of this week’s economic events,” Maartunn told BeInCrypto.

The growing Bitcoin balance on Binance suggests that whales are actively responding to uncertain economic conditions. Large transactions like these often signal a shift in market sentiment and can exert downward pressure on price.

HODLers Remain Steady

The HODLer Net Position Change, which tracks the behavior of long-term holders (LTHs), has recently moved away from bearish territory, indicating reduced selling pressure. This suggests that major Bitcoin holders are staying committed despite recent volatility. Their resistance to selling could help stabilize the market and potentially support a rebound toward levels like $122,000.

Bitcoin Price Holds Key Support

Currently, Bitcoin is trading at $119,186 after slipping below the crucial $120,000 level. Although the price has dropped from its recent ATH, it remains supported above $119,000, pointing to a possible short-term correction rather than a major reversal.

If bulls maintain the $120,000 area as support, Bitcoin could recover and attempt to retest $122,000. However, if selling intensifies, Bitcoin could breach $117,261, potentially dropping further toward $115,000 or lower, which would challenge the bullish outlook and indicate broader market weakness.