A Whale Withdraws 1,000 BTC Worth $574 Million From Binance

A whale address that sold $467 million worth of Bitcoin in July withdrew 1,000 BTC (about $574 billion) from Binance two hours ago.

As reported by Spot on Chain, overall, the whale address has withdrawn 2,000 BTC from Binance in the past 4 days, with an average price of $58,525. Previously, the whale address had deposited 7,790 BTC (about $467 million) to Binance at an average price of 59,953 between June 27 and July 8, during which time the price of Bitcoin went down by 14%.

The whale who allegedly dumped $467M worth of $BTC in July just withdrew another 1,000 $BTC ($57.4M) from #Binance at the bottom ~20 minutes ago.

Overall, the whale has withdrawn 2,000 $BTC ($117M) from Binance at ~$58,525 on average in the past 4 days.

Previously, the whale… https://t.co/ml1Kaaoj12 pic.twitter.com/17rv7uBzdR

— Spot On Chain (@spotonchain) September 2, 2024

The wallet holder still holds 8,559 Bitcoins which is worth US$494 Million.

Bitcoin has already plummeted by 1.4% in the past 24 hours and is currently trading at $57,724.44. Bitcoin has already bled for the past month with a slump of 6.2%.  The transfer comes at a time when other top anonymous wallets, and whales, remained inactive.But after this move, sudden sell-offs could be a possibility.

As for what looks like to be the case for Bitcoin in September, depends on Bitcoin ETF inflows. If institutional capital continues to show confidence in the crypto, BTC price could sustain above key support at $60,000 in September. Even so, no major fluctuations are expected before US elections.
Also Read: As Bitcoin Holds Near $60K, Will a Wedge Pattern Signal the Next Big Move?