Any large-scale on-chain movement involving Bitcoin whales, especially if it involves transfers to centralized exchanges, can put markets on edge. A new trade moving 5,152 BTC to Binance raises questions about potential selling pressure. Bitcoin price movement is fragileare highly reactive and have difficulties. Seize the bullish momentum.
Bitcoin whale moves 5,152 BTC worth $445 million to Binance
Identified on-chain data Whale transaction tracker Lookonchain revealed that a long-term Bitcoin holder has deposited 5,152 BTC (equivalent to approximately $444.73 million) to Binance. Data obtained from Arkham Intelligence indicates that the wallet belongs to an entity tagged as Bitcoin OG (1011short). Traders known for holding Large long positions in Bitcoin, Ethereum, and Solana estimated to total approximately $695 million.
The size and destination of the transfer immediately attracted attention, as coins sent to an exchange are usually interpreted as being made available for trading activity. Moving such a large amount of BTC to Binance increases instant sell-side liquidity and indicates that the whale address is ready for sale. This follows a recent trend of whale addresses selling their Bitcoin holdings and a general lack of buying pressure on cryptocurrencies.
Interestingly, Lookonchain data shows the same Bitcoin OG (1011short) wallet. Recently added another one Adding 12,406 ETH to long exposure brings current holdings to 203,341 ETH worth approximately $577.5 million, alongside 1,000 BTC worth nearly $87 million and 250,000 SOL worth approximately $30.7 million. Despite the increased exposure, the wallet is now down by more than $70 million, and profits have fallen from more than $120 million to less than $30 million. At the time of writing.
Bearish whale behavior is not isolated
This deposit to Binance does not occur in isolation. Lookonchain also noticed activity from another whale address, 0x94d3, which had clearly bearish behavior over the past few hours. According to the data, the whale sold 255 BTC worth about $21.77 million at an average price of $85,378, and then opened a 10x leveraged short position with 876.27 BTC worth about $76.3 million. The same wallet also initiated a leveraged short of 372.78 ETH worth approximately $1.1 million.
Bitcoin's recent price movements make these whale moves particularly impactful. The leading cryptocurrency failed to rise above $90,000 again and recently fell to a 24-hour low of $84,581. This move caused Bitcoin to trade in a volatile range, repeatedly visiting the support zone near the mid-$80,000 region. There is limited upside follow-through above $90,000, which It has left cryptocurrencies vulnerable.
Interestingly, if we look closely at the on-chain data, we can see that all the seemingly cumulative activity over the last few days is not organic purchases. However, it is only possible to exchange between wallets.
Featured image created by Dall.E, chart on Tradingview.com
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