U.Today – According to on-chain analytics firm Lookonchain, a giant whale recently deposited 4,164 (BTC) into Binance, one of the largest cryptocurrency exchanges in the world. According to Lookonchain, this massive transfer, worth nearly $243.8 million, occurred over the past three days.
On August 31, Lookonchain reported that this whale, or likely an institutional holder, deposited 2,364 BTC worth $140 million on Binance on August 31.
The whale has now moved nearly $250 million to Binance in three days. Deposits to exchanges may imply an intention to sell, but withdrawals may indicate intentions to buy.
Against this backdrop, the whale’s massive movement of BTC has sparked speculation in the market. The whale could be preparing to sell, positioning for future market moves, or even preparing to leverage the funds deposited in Binance’s various financial products.
Bitcoin starts September on a bearish note
The whale's deposit comes at a time when Bitcoin is undergoing consolidation. Bitcoin closed the month of August down 8.73%, falling below its historical average gain of 1.75%.
After facing a slump in August, BTC price conditions failed to improve over the weekend, and September began with a new two-week low. Bitcoin (BTC) fell to a low of $57,119 in the early Monday trading session, extending its seven-day decline to roughly 9%, while the broader cryptocurrency market lagged behind.
Some observers noted that BTC’s decline is consistent with the bearish seasonality experienced in September. However, signs of imminent interest rate cuts by the US Federal Reserve this month could reverse the trend.
In the coming days, the market will be closely watching the whale's next move, anticipating what this significant change may mean for Bitcoin and the cryptocurrency market.
At the time of writing, BTC is up 0.58% over the past 24 hours to $58,354.
This article was originally published on U.Today
