Shift

Bitcoin

Million

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/crypto-news-whales-shift-275-million-in-bitcoin-to-major-exchanges/">Crypto News: Whales Shift $275 Million in Bitcoin to Major Exchanges</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Bitcoin’s recent downturn has been attributed to the actions of several Bitcoin whales, who have decided to offload a portion of their holdings as Bitcoin struggles to reclaim the $30K mark. 
Data from WhaleAlert, a crypto transactions tracker, reveals that these whales have transferred approximately 9,406 Bitcoins, equivalent to around $275 million, in multiple transactions within the last 24 hours. The most significant single transaction recorded was a transfer of 2,459 Bitcoins, roughly $72.66 million, to the Binance crypto exchange. 
Interestingly, these large-scale transactions coincided with reports of the US’s accelerating GDP in the second quarter, despite rising interest rates. This has led to speculation that Bitcoin’s price may need to dip before it can rise again, even if GDP and PCE numbers indicate positive growth. 
<h2 id="the-big-moves-to-binance-and-coinbase" data-name="the-big-moves-to-binance-and-coinbase" class="wp-block-heading">The Big Moves to Binance and Coinbase</h2> 
Further analysis shows that whales have transferred a total of 5,552 Bitcoins, approximately $162 million, to Binance, the largest crypto exchange. This included two substantial transactions of <a href="https://twitter.com/whale_alert/status/1684508594056622081" rel="noopener noreferrer nofollow">2,459</a> and <a href="https://twitter.com/whale_alert/status/1684502383827488768" rel="noopener noreferrer nofollow">1,499</a> Bitcoins. 
In addition to Binance, Coinbase, the largest crypto exchange in the US, also saw significant deposits. It recorded deposits of 2,854 Bitcoins, approximately worth $113 million. The largest transaction on this platform was a transfer of 1,950 Bitcoins, equivalent to about $57 million. 
These large-scale movements have had a noticeable impact on Bitcoin’s price, which has been on a decline after a promising upward trend over the past month. Over the last seven days, the Bitcoin price has fallen by over 2%, and it is currently teetering on the edge of the $29K price level, trading at an average price of $29,264.

Crypto News: Whales Shift $275 Million in Bitcoin to Major Exchanges

Table of Contents

CoinPedia News

Other articles published on Jul 28, 2023

XRP Ledger L2 Smart Contract Hints at Timeline for Critical Milestone for Launch

Bitdeer Launches Green Bitcoin Fund Targeting Bhutan’s Mining Industry!

Coinbase CEO Urges Americans To Protect Innovation: Check How

Skenario Nasib Ripple Labs dan XRP Jika SEC Naik Banding

Kasus Ripple Labs, Bos Galaxy Digital Berani Bilang SEC Keliru

Mobile Strategy Game ‘EF Defense’ to Launch on Immutable zkEVM

Join our free newsletter for daily crypto updates!