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Crypto Whales Boost Purchasing Efforts Following Withdrawal of 533.5 BTC from Binance by Newly Established Wallet – Are Bullish Trends Resuming?
- A newly established wallet withdrew 533.5 Bitcoin (BTC) valued at $31 million from Binance.
- As the cryptocurrency market faces challenges, whales have ramped up their purchasing activity.
On August 16th, a newly established wallet withdrew a notable 533.5 Bitcoin (BTC) worth $31 million from Binance, the largest cryptocurrency exchange, at the price level of $58,188, according to Spot On Chain.
A new whale has withdrawn 533.5 $BTC ($31M) from #Binance at an average price of $58,188 in the last 5 hours!
It is noteworthy that new whales appear to be actively acquiring #Bitcoin this week, with six whales withdrawing 4,046 $BTC and $WBTC ($239.5M) from centralized exchanges.
Don’t want to miss the new… pic.twitter.com/4h3qnHy7Br
— Spot On Chain (@spotonchain) August 16, 2024
Whales’ Interest in Bitcoin
This update has attracted considerable attention from the crypto community. With the market in decline, whales perceive this price drop as a chance to buy.
Furthermore, Spot On Chain reported that six whales have amassed a total of 4,046 BTC and WBTC valued at $239.5 million from centralized exchanges (CEXes) this week.
However, in the past 24 hours and over the last week, BTC’s exchange reserves have decreased by 0.37% and 0.47%, respectively.
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Conversely, due to significant volatility, the number of active addresses has fallen by 27.6% in the last 24 hours, as per the on-chain analytics firm CryptoQuant.
How is BTC Faring?
At the time of reporting, Bitcoin was trading around the $58,430 mark, having remained steady over the previous 24 hours. Its trading volume has risen by 6% during this timeframe, indicating increased investor engagement.
Additionally, BTC’s Open Interest increased by 2% in the last 24 hours, reflecting heightened interest among traders during this period.
According to Bitcoinworld’s technical analysis, BTC appears bearish, as it is trading below the 200 Exponential Moving Average (EMA) on a daily chart.
Moreover, the leading cryptocurrency has broken down from the consolidation range between $61,800 and $58,500. Following this breakdown, there is a significant likelihood that BTC could decline by 6.5% to the $54,600 level shortly.
As of the current reporting, the two primary liquidation levels are positioned at approximately $56,850 on the lower end and $59,000 on the upper end, according to the on-chain analytics firm Coinglass.
If the bearish trend persists and the price drops to the $56,850 level, nearly $721 million worth of long positions will be liquidated.
On the other hand, if the sentiment shifts and the BTC price rises to the $59,000 level, around $581.3 million worth of short positions will be liquidated.
