Bitcoin Whale Accumulates 4,500 BTC from Binance Amid Large Withdrawals
thecryptobasic.com 30 July 2024 11:40, UTC Bitcoin whales are actively accumulating, with a particular whale address recently withdrawing 4,500 BTC from Binance.
As Bitcoin experiences a retracement from its recent weekly highs, whale activity has surged, indicating potential future bullish trends.
According to whale tracking platform Lookonchain, a significant whale, identified as “12QVsf,” has withdrawn a substantial amount of Bitcoin from major exchanges, likely accumulating amid an anticipation of higher prices ahead.
Withdrawals from Binance
Lookonchain reported that Whale “12QVsf ” withdrew a total of 4,500 BTC, valued at approximately $302 million, from Binance within the last 22 hours. The withdrawals were conducted at an average entry price of $67,182 per BTC, as confirmed by The Data Nerd, an on-chain sleuth.
The transactions included several large withdrawals, such as 950 BTC, 450 BTC, and 600 BTC, along with additional withdrawals of 500 BTC, 550 BTC, and 450 BTC. The earliest recorded withdrawal was a staggering 1,000 BTC.
Further data from Arkham Intelligence reveals that whale “12QVsf” currently holds 4,500 BTC with an unrealized loss of around $12.12 million.
Additionally, Lookonchain identified three wallets, potentially linked to the same whale, that withdrew a combined total of 1,400 BTC from Bitfinex. This follows a previous withdrawal of 2,510 BTC from Bitfinex on June 20.
Bitfinex Sees Major BTC Outflows
The recent withdrawals from Bitfinex were carried out by three distinct wallets, each showing notable activity. Wallet 1 withdrew 700 BTC today and had previously withdrawn 649.9 BTC a month ago.
Wallet 2 withdrew 600 BTC today and had a prior withdrawal of 999.9 BTC. Wallet 3, on the other hand, withdrew 100 BTC today after having withdrawn 859.9 BTC a month prior.
The total value of today’s withdrawals amounted to $94.09 million, while the withdrawals on June 20 totaled $163.22 million.
This consistent pattern of large withdrawals suggests a deliberate accumulation strategy by these wallets, likely influenced by market conditions and future price expectations.
Looking at Whale Activity Indicators
Confirming from the technical front, TradingView’s Accumulation/Distribution (Acc/Dist) line, which measures the cumulative flow of money into and out of Bitcoin, shows a consistent upward trend, despite the price volatility.
The 21-period SMA of the Acc/Dist line further confirms this upward trend, suggesting a sustained period of accumulation.
The MACD indicator also supports this accumulation trend, with positive histogram bars and a bullish crossover of the MACD lines indicating growing bullish momentum. This aligns with the observed whale activity and accumulation patterns.
