$537 million Binance deposits tied to BTC price drop suggest whales selling: LookOnChain

Two wallets identified by LookOnChain have deposited 9,500 BTC, valued at approximately $537 million at current prices, to Binance over the past week. The transfers have coincided with notable drops in bitcoin’s price, suggesting that whales may be liquidating their holdings.

LookOnChain’s analysis revealed that these wallets, potentially belonging to large holders, began transferring their bitcoin on June 27. Initially worth around $575 million, the stash is now worth $537 million. The timing of these transfers shows a correlation with subsequent declines in bitcoin’s price, which appear to be driven by these large sales.

One of the wallets, which still holds over 4,300 BTC worth nearly $250 million, made its latest deposit to a Binance address just two days ago.

The cryptocurrency market has been further unsettled by the Mt. Gox exchange’s repayment of creditors in bitcoin and bitcoin cash. This has already triggered significant liquidations, with hundreds of millions of dollars affected. The repayment schedule varies by custodian, and some creditors might have to wait up to three months to receive their funds.