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A whale deposited 1,800 Bitcoin worth $106 million to Binance, causing Bitcoin’s price to drop to $58,560. This whale deposited $323 million worth of Bitcoin over the past week, incurring a loss of approximately $20 million. Additionally, three wallet addresses deposited 47,415 AAVE tokens worth $4.17 million to Binance. Let’s delve into the details.
Whale Movement and Bitcoin Price Fluctuations
In the crypto world, whales are individuals or institutions holding large amounts of cryptocurrency. Typically, whales can cause significant market fluctuations with their large-volume transactions. The whale in question caused a sudden drop in market price by depositing 1,800 Bitcoin to Binance.
This whale deposited 1,800 Bitcoin (BTC) worth $106 million to the cryptocurrency exchange Binance. This large transaction caused Bitcoin’s price to drop to $58,560.
Whale Was Very Active Throughout the Week
This whale was very active throughout the week. By depositing a total of 5,281 Bitcoin to Binance, the cumulative value of these deposits reached $323 million. During this period, Bitcoin’s average price was $61,196. However, the whale incurred a loss of approximately $20 million during these transactions.
Currently, the whale still holds a significant amount of Bitcoin. The total holding is 6,068 BTC, valued at $358 million at current market prices. This indicates that despite recent transactions and market movements, the whale continues to hold a substantial share in Bitcoin.
Whale AAVE Transactions
In addition to Bitcoin transactions, there was notable activity involving another cryptocurrency, AAVE. Eight hours ago, three wallets deposited a total of 47,415 AAVE tokens to Binance. The total value of these deposits is approximately $4.17 million. The intention behind this move seems to be selling these AAVE coins on the exchange.
The actions of whales and large institutions can significantly impact cryptocurrency markets. Their transactions can lead to price fluctuations, as seen in the recent Bitcoin price drop. Such large-scale sales also draw direct interest from the crypto community. At the time of writing, BTC was trading at $58,894.
