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Whales Move 14,550 BTC to Binance, Bitcoin Selling Pressure Is High: CryptoQuant CEO

source-logo  u.today  + 1 more 16 July 2021 10:39, UTC

According to the recent tweet of the popular CryptoQuant analytics vendor, on July 15, a staggering amount of the flagship cryptocurrency, Bitcoin, was deposited to the Binance exchange by crypto whales - 14,550.78 coins.

Half a billion USD in Bitcoin moved to exchanges for sale

That’s an equivalent of $456,801,367. 4,518.409 BTC from that amount was moved to Binance within an hour, totalling $141,849,124.

That’s the biggest inflow of BTC made within a single hour to Binance since May 20.

Earlier, Glassnode and Santiment analytics agency reported that large amounts of Bitcoin were being withdrawn from centralized trading venues into cold storage wallets. That signified a chance of eliminating Bitcoin selling pressure and higher chances of price surge in the near term.

However, the fact of whales depositing Bitcoin to Binance and other exchanges, as is shown below, shows the opposite.

On July 15, the flagship digital asset went down from the $32,500 zone to $31,175, as per the data provided by CoinMarketCap. By now, BTC has recovered a little and is changing hands at $31,419.

Binance inflows 14,550.78 bitcoins

Read more in Quicktake👉https://t.co/bSljqAKlSH pic.twitter.com/Goy7NCIlw8

— CryptoQuant.com (@cryptoquant_com) July 16, 2021

Whales are depositing Bitcoin to exchanges

Co-founder and CEO of CryptoQuant, Ki Young Ju, has taken to his Twitter page to opine that he believes Bitcoin selling pressure seems to be high.

A CryptoQuant article, a link to which was attached to the post, contains several chart that show crypto whales moving their Bitcoins to crypto exchanges.

$BTC Selling pressure seems to be high.

Read more in Quicktake👉https://t.co/ExcvE3zahU https://t.co/7ExT6dDyDq pic.twitter.com/IXucriuNvC

— Ki Young Ju 주기영 (@ki_young_ju) July 16, 2021

Bitcoin Whale Ratio rises to 0.59, here's why its bad for BTC

Four days ago, U.Today reported that the Bitcoin Whale Ratio across multiple crypto exchanges surged to 0.59, as per the data shared by CryptoQuant.

This Bitcoin-related ratio shows the size of ten largest BTC moves to and from trading platforms.

When this index surges, it means that selling pressure from crypto whales goes up. This may demonstrate that the price Bitcoin could start going down soon.

u.today

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