The whale who reportedly shook the market by dumping $467 million worth of Bitcoin in July has made another major move. On August 29, reports emerged that this whale withdrew 1,000 BTC, valued at approximately $59.6 million, from Binance, the largest digital assets exchange.
This transaction occurs as Bitcoin continues to face significant selling pressure, with its price down 14% over the past 30 days, hovering near the $60,000 level.
Bitcoin Whale Withdraws 1,000 BTC
According to data from Spot On Chain, this same whale was responsible for a 14% drop in Bitcoin's price earlier this year by depositing 7,790 BTC (worth roughly $467 million) into Binance between June 27 and July 8. During this period, Bitcoin's price fell sharply from $60,800 to the $55,000 range.
Currently, the whale's address holds 7,559 BTC, worth approximately $451 million. This whale’s next move could have significant implications for the entire crypto market.
Since the start of the year, Bitcoin exchange balances have dropped by 12.5%, increasing the scarcity of BTC in the market.
After a 14% decline over the past 30 days, Bitcoin saw a slight uptick in the last 24 hours, trading at an average price of $60,161 at the time of writing. However, its 24-hour trading volume has decreased by 22%, standing at $34.4 billion.
Cryptoquant Flags Major BTC Movements
Cryptoquant has reported several significant Bitcoin movements during the recent downturn. These movements could potentially lead to further price drops. On August 27, a total of 7,788 BTC aged 1-3 months and 75,228 BTC aged 3-6 months suddenly became active. Observers view these developments with caution.
On August 28, Cryptoquant noted the transfer of 19,067 BTC aged 1 week to 1 month, 1,863 BTC aged 1-3 months, and 1,614 BTC aged 18 months to 2 years.
By August 29, Cryptoquant highlighted the movement of 23,345 BTC aged 1 week to 1 month, 1,220 BTC aged 6-12 months, and 16,003 BTC aged 5-7 years. The movement of older BTC often signals potential sales, and if this pattern continues, it could contribute to further declines in Bitcoin’s price.
