BTC’s Price Dumps Every Time This Whale Deposits: And It Just Happened Again

Bitcoin’s overall market state has been more than dire for the past several weeks, with the asset plummeting from over $90,000 on January 28 to its lowest position in over a year at $60,000 last Friday.

While this is a painful decline of its own, the broader market’s state has not improved much since then, and Lookonchain just published another potential sell signal.

The analytics company noted that the unknown whale had transferred 8,200 BTC (worth roughly $560 million) into Binance in the past 2 days alone.

Shortly after their previous deposit to the world’s largest exchange, the cryptocurrency’s price dipped yesterday by 3% within minutes, going from nearly $69,000 to $65,000.

In a subsequent post, Lookonchain added that the whale continued to transfer BTC to Binance, sending another batch of over 2,000 units with the likely intention to sell.

In contrast, Binance just completed the conversion of its entire $1 billion SAFU fund into bitcoin by purchasing roughly 15,000 BTC. Additionally, Strategy continues to make weekly acquisitions, but BTC’s price fails to rebound in a meaningful manner.

More volatility is expected later today when the US January CPI numbers are released.

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