Bitcoin whales are actively accumulating, with one particular whale recently withdrawing 4,500 BTC from the cryptocurrency exchange Binance. As Bitcoin experiences a decline from its recent weekly highs, the surge in whale activity suggests potential future bullish trends. Lookonchain, a whale tracking platform, reported that a significant whale known as “12QVsf” withdrew a substantial amount of Bitcoin from major exchanges, indicating an anticipation of higher prices ahead.
According to Lookonchain, whale “12QVsf” withdrew a total of 4,500 BTC, valued at approximately $302 million, from Binance within the last 22 hours. The average entry price for these withdrawals was $67,182 per BTC. The transactions included several large withdrawals, such as 950 BTC, 450 BTC, and 600 BTC, along with additional withdrawals of 500 BTC, 550 BTC, and 450 BTC. The earliest recorded withdrawal was a staggering 1,000 BTC.
Further data from Arkham Intelligence reveals that whale “12QVsf” currently holds 4,500 BTC with an unrealized loss of around $12.12 million. Additionally, Lookonchain identified three wallets, potentially linked to the same whale, that withdrew a combined total of 1,400 BTC from Bitfinex. This follows a previous withdrawal of 2,510 BTC from Bitfinex on June 20.
The recent withdrawals from Bitfinex were carried out by three distinct wallets, each showing notable activity. Wallet 1 withdrew 700 BTC today and had previously withdrawn 649.9 BTC a month ago. Wallet 2 withdrew 600 BTC today and had a prior withdrawal of 999.9 BTC. Wallet 3 withdrew 100 BTC today after having withdrawn 859.9 BTC a month prior. The total value of today’s withdrawals amounted to $94.09 million, while the withdrawals on June 20 totaled $163.22 million.
This consistent pattern of large withdrawals implies a deliberate accumulation strategy by these wallets, likely influenced by market conditions and future price expectations. Technical indicators, such as TradingView’s Accumulation/Distribution line and the MACD indicator, also support this accumulation trend, further validating the observed whale activity and accumulation patterns.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.