2024

Bitcoin

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According to on-chain data provider <a href="https://x.com/lookonchain/status/1829726046049993130" rel="noopener noreferrer nofollow">Lookonchain</a>, a whale or institution has deposited 2,364 <a href="https://u.today/40000-btc-in-48-hours-heres-whats-happening" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> worth nearly $140 million to one of the world's largest cryptocurrency exchanges, Binance. This massive move, occurring hours ago, has sparked speculation in the cryptocurrency market.
<blockquote>
 A whale/institution deposited 2,364 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($140M) into <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> 4 hours ago.Address:3NVeXmBcmXsBSvXgpQuXWuGg4pDBDEWEok <a href="https://t.co/kwiOxGe7ei" rel="noopener noreferrer nofollow">pic.twitter.com/kwiOxGe7ei</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1829726046049993130?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2024</a>
</blockquote>
Depositing to exchanges typically indicates an intention to sell, while withdrawals suggest an intent to buy. Whether this move signals selling or a strategic play remains unknown.
According to <a href="https://insights.glassnode.com/the-week-onchain-week-35-2024/" rel="noopener noreferrer nofollow">Glassnode</a>'s most recent weekly report, net capital inflows into Bitcoin have slowed in recent months. This suggests a degree of equilibrium is reached between investors taking profit and loss.Notably, capital inflows into the Bitcoin market are rarely this quiet, with 89% of days seeing a greater capital inflow (excluding loss-dominated bear markets).
After reaching all-time highs of nearly $74,000 in mid-March, the confidence of new investors was tested by choppy sideways price action for several months. Throughout this process, a major portion of the Bitcoin supply has remained securely held and is in the three-month to six-month age range.
<h2 id="bitcoin-price-outlook">Bitcoin price outlook</h2>
According to Glassnode, the market has remained within a structurally ordered downtrend for over five months with a period of consolidation and accumulation following.
This view is supported by on-chain analytics firm CryptoQuant, which indicated that the Bitcoin market cycle indicator is again in the bear phase. This observation was made by CryptoQuant head of Research, <a href="https://x.com/jjcmoreno/status/1829539960564887878" rel="noopener noreferrer nofollow">Julio Moreno</a>, who also stated that from a valuation perspective, if the Bitcoin price pierces $56,000 to the downside, it stands the risk of a larger correction increase.
At the time of writing, Bitcoin was down 1.05% in the last 24 hours to $59,005 amid sideways choppy trading price action in the week. The lead cryptocurrency is tending toward a bearish close in August, already down 8.44% for the month.
Despite Bitcoin's lackluster trading activity, <a href="https://x.com/santimentfeed/status/1829671149527318910" rel="noopener noreferrer nofollow">Santiment</a> noted that Bitcoin whales are growing in number. In just one month, there has been a net increase of 283 wallets holding at least 100 BTC, with the current total of 16,120 such wallets on the network, shattering a 17-month high.

2,364 BTC Stash Stuns World's Largest Crypto Exchange: Details

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