Whales Selling Bitcoin? Binance Deposits Suggest Large-Scale Liquidation
Hey crypto enthusiasts!
A recent analysis by LookOnChain has spotted two large wallets depositing nearly $550 million in cryptocurrency to Binance since June 27. The timing of these transfers coincides with declines in the price of bitcoin, suggesting whales may be cashing in on their holdings.
The two wallets have transferred a total of 9,500 BTC (~$537 million) to Binance, with one wallet still holding over 4,300 BTC worth nearly $250 million. This could indicate that large-scale liquidation is underway.
As the crypto market continues to fluctuate, this news adds fuel to the fire. The Mt. Gox repayment of creditors in bitcoin and bitcoin cash has already caused significant liquidations across the market.
What do you think? Share your thoughts!
