Amid market turbulence, Bitcoin whales have begun actively moving their holdings to Binance, potentially signaling future market changes.
Increased Whale Activity on Binance
According to CryptoQuant data, Bitcoin deposits from whales to Binance have reached a three-month high. Despite the downward trend in overall exchange reserves, strategic whale transactions are moving more BTC to Binance, which remains the most active and liquid marketplace, attracting the largest traffic during peak market days.
Market Experiences Volatility
Whales use their holdings to realize short-term profits, leading to significant deposit volumes, especially during market turbulence. In recent months, whales have deposited $6.64 billion in BTC to Binance, with notable inflows on March 2. This influx aligns with two major BTC price drawdowns last month.
Implications for Market Participants
Whale Bitcoin movements frequently foreshadow market changes. Although overall holding behavior supports the market, whales are always ready to take profits. Additionally, these movements affect derivative markets, leading to a series of long position liquidations. In such conditions, whales play a crucial role in price dynamics.
Recent BTC movements show that despite weak retail demand, whale holders continue to have a significant impact on the market. In the short term, BTC is expected to range between $80,000 and $100,000.
