Whale BTC inflows to Binance have recently increased, potentially signaling selling intentions.
This trend highlights the importance of monitoring whale behavior, as these large holders are capable of moving and potentially selling substantial amounts of BTC, which can significantly impact market volatility.
In fact, the monthly average of inflows exceeding 1 000 BTC to Binance has risen from $2.3B to $5.3B in recent weeks.
However, upon closer inspection, we notice a striking detail. A single whale transaction of over 10 000 BTC, accounting for a $2.1B inflow, occurred on June 16th shortly before Bitcoin's price dropped from $108 600 to $99 200. This suggests a strong likelihood that these BTC were sold, contributing to the downward pressure.
Therefore, while the monthly average has risen, it is reasonable to assume that a large portion of the recent sell pressure may have already been absorbed by the market. Still, this trend should be closely monitored, as any further inflows from whales could reignite volatility. The monthly average could soon become more balanced, especially if the 10 000 BTC transaction is excluded.
It is also worth noting that Binance continues to attract massive transactions, which reflects a level of trust and preference among large-scale investors, an insight that should not be overlooked in the broader market context.
Written by Darkfost
