Bitcoin’s largest known whale caused a stir in the crypto community when a substantial amount of BTC was deposited onto Binance, sparking concerns over potential selling pressure and the subsequent impact on Bitcoin’s price. Renowned on-chain analyst Lookonchain reported that the Bitcoin whale deposited 1,750 BTC worth over $48 million on Binance, raising concerns among market observers, as large transactions can indicate imminent selling pressure. Lookonchain further revealed that this whale has a history of triggering sudden price moves, with the latest deposit recorded when Bitcoin was rebounding following recent losses. The same whale deposited 5,791 BTC ($163 million) on April 21, leading to a subsequent three percent drop in Bitcoin’s price within five hours. Despite the unpredictability of the Bitcoin market reaction to this whale, there are historical indications of price movements following whale deposits on exchanges, indicating possible short-term volatility. In the past 24 hours, Bitcoin’s price has experienced a quick spike, up one percent, showing possible signs of rebound along with the rest of the crypto market. Nonetheless, BTC’s trading volume remains below $10 billion despite the whale movement.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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