The post Bitcoin Whales Withdraw $132 Million from Binance in Massive Accumulation Move appeared on BitcoinEthereumNews.com.

In a notable development for the cryptocurrency market, Bitcoin whales have made a series of significant withdrawals from Binance, one of the largest cryptocurrency exchanges. Over the last hour, 11 newly created wallets collectively withdrew a total of 1,807 BTC, valued at approximately $132 million. The substantial withdrawal activity has sparked conversations about whale accumulation trends and the potential implications for Bitcoin’s price. Whales are accumulating $BTC! 11 fresh wallets withdrew 1,807 $BTC($132M) from #Binance in the past hour. Address:bc1qp8ahkl9g28grz4f44ljs2ukjccx6q5yxez7nt4bc1q76yr34th8ngnxj0pjs9d9vtxrtlyu07y3lsspjbc1q2vw84cghpyg463g8w4uz734uxl7wstvsemgcec… pic.twitter.com/ZpP2qhXiHT — Lookonchain (@lookonchain) November 6, 2024 The fresh wallets involved in these transactions have been identified, and they appear to be consolidating large amounts of Bitcoin outside of Binance. Some of the wallet addresses involved in these withdrawals include, bc1qp8ahkl9g28grz4f44ljs2ukjccx6q5yxez7nt4, with 147 BTC, valued at about $10.88 million. bc1q76yr34th8ngnxj0pjs9d9vtxrtlyu07y3lsspj, holding 131 BTC, worth around $9.69 million. Bc1q2vw84cghpyg463g8w4uz734uxl7wstvsemgcec, containing 200 BTC, valued at $14.91 million. Bc1qllevslxza82kkmmzeajuyuc4t2sjdjdhfdxujv, with a massive 420 BTC, approximately worth $31.39 million. Other addresses reflect similar patterns, with each holding significant amounts of Bitcoin valued in the millions. This behavior of consolidating BTC in fresh wallets away from exchange custody is often interpreted as a bullish signal, suggesting that whales may be preparing to hold rather than sell. Potential Market Impact According to Lookonchain, large-scale Bitcoin withdrawals from exchanges like Binance generally signal confidence in long-term holding strategies among high-net-worth investors, often referred to as “whales.” By moving their Bitcoin off-exchange and into personal wallets, these entities reduce the available supply of BTC on trading platforms. This can have a supply-side effect on the market, potentially leading to increased prices if demand remains stable or rises. The timing of these withdrawals is also notable, given the broader market conditions. Whale activity could indicate rising market sentiment as the cryptocurrency market approaches several potential catalysts, including regulatory developments…

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Filed under: News - @ November 7, 2024 1:15 am