Bitcoin Whales Make Alarming Deposits To Exchanges
It appears that Bitcoin whales are moving their BTC into exchanges at an alarming rate, indicating that they are preparing to liquidate their holdings. According to recent on-chain data, Bitcoin whale exchange deposits hit $275 million in a single day, while the cryptocurrency continues to struggle to break $30,000.
According to tweets from the whale transaction tracker @whale_alert, a total of 9,406 Bitcoins worth about $275 million have been moved into exchanges via various transactions.
The great majority of these trades entered Binance twice, with the largest single deposit being 2,459 BTC worth $72.6 million. Another noteworthy transaction was the deposit of 1,499 BTC worth $44.3 million into the Binance exchange.
Many traders regard this as a bearish indication, raising concerns that prices will shortly fall. This can indicate either opportunity or risk for smaller investors.
(With inputs from Shikha Singh)
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