Bitcoin Whales Make Alarming Deposits To Exchanges Amid Falling Prices
2023年7月29日 - 3:00AM
NEWSBTC
It would appear that Bitcoin whales are shifting their BTC into
exchanges at an alarming rate, which is a warning that they may be
getting ready to liquidate their holdings. Recent on-chain data
shows that Bitcoin whale exchange deposits reached $275 million in
a single day as the cryptocurrency continues to struggle to cross
over $30,000. Bitcoin Whales Moving Funds to Exchanges Tweets from
the whale transaction tracker @whale_alert indicate that a total of
9,406 Bitcoins, with an approximate worth of $275 million, have
been moved into exchanges through separate transactions.
Related Reading: Ripple Attorney Withdraws From SEC Lawsuit, Will
It Affect XRP? The vast majority of these trades entered Binance
twice, with the largest single deposit being the entry of 2,459 BTC
with a total value of $72.6 million. Another significant
transaction included the deposit of 1,499 BTC with a total value of
$44.3 million into the Binance exchange. The actions of these
Bitcoin whales, or large holders, often significantly impact the
overall market. There are a few possible for big money transfers,
but when whales make large deposits to exchanges, it usually
signals they are preparing to sell in large volumes, which can
crash the market, at least temporarily. Many traders consider this
a bearish signal and can spark worry that prices may soon drop. For
smaller investors, this can mean opportunity or risk ahead. The
price of Bitcoin crossed over $30,000 last month, showing promising
signs of an upward trend for investors. However, the cryptocurrency
has experienced a slight decline in the last seven days, dropping
by around 1.57%. Further massive selloffs by whales can have a
counter effect on this bullish sentiment. BTC price trending above
$29,300 | Source: BTCUSD on TradingView.com BTC HODLer Net Position
Change Reaches 1-Month Low In the same vein of waning bullish
sentiment, the number of net Bitcoin position changes recently
reached a 1-month low. The metric, which measures the position
change of long-term investors on a monthly basis, shows whether
investors are opening or closing positions in Bitcoin.
Related Reading: VC Firm Sequoia Capital Slashes Crypto Fund By 65%
Amid Bear Market According to data from Glassnode alerts, this
metric just reached a one-month low of 17,604.723. This shows that
more holders have been closing out their BTC positions to withdraw
their profits for the past few weeks than those opening new ones. 📉
#Bitcoin $BTC HODLer Net Position Change just reached a 1-month low
of 17,604.723 Previous 1-month low of 22,095.894 was observed on 18
July 2023 View metric:https://t.co/CU3jPaaHXh
pic.twitter.com/8k2EHP0nsi — glassnode alerts (@glassnodealerts)
July 28, 2023 It is important to keep an eye on whale selloffs, but
other factors, like the shift in the net position of HODLers, also
help to reveal where the price of Bitcoin is headed in the short
term. Featured image from iStock, chart from TradingView.com
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