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According to analytics platform Lookonchain, a whale withdrew roughly $53 million worth of Bitcoin from Binance over the past five hours.
The whale in question sold roughly $302 million worth of Bitcoin over the period from March 15 to March 15.
Smart money accumulating Bitcoin?
Some social media users started speculating about the possibility of large institutional investors entering the market following the approval of several Bitcoin ETFs.
Last week, there was a notable change in accumulation trends, with whales distributing their holdings instead of expanding their portfolios.
Bitcoin whales have been instrumental in shaping the direction of the market, which is why their moves are closely monitored by the cryptocurrency community. At the end of 2023, whales still accounted for nearly 40% of Bitcoin’s total supply, a testament to their immense influence.
Bitcoin’s recent recovery
The largest cryptocurrency is currently trading at $66,273 after reaching an intraday high of $66,504 earlier this Monday.
Despite many analysts predicting that the halving would be a sell-the-news event, Bitcoin’s price action has been rather healthy so far.
Other Binance-related transfers
Earlier today, Whale Alert, a service that tracks large transactions, also recorded two large Tether (USDT) transactions that were sent to Binance. The cumulative value of the aforementioned transitions approached 123 million.
As reported by U.Today, $14 million worth of XRP was also transferred to an unknown wallet earlier today.
All of the largest meme coins remain in the green despite significant whale moves over the past 24 hours.
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