A whale has deposited 1,800 bitcoins valued at $106 million into Binance, causing the bitcoin price to drop to $58,560. This whale has deposited bitcoins worth $323 million over the past week, incurring a loss of about $20 million. Additionally, three wallet addresses have deposited 47,415 AAVE tokens valued at $4.17 million into Binance. Let’s delve into the details.
**Whale Movements and Bitcoin Price Fluctuations**
In the world of cryptocurrency, whales are individuals or institutions that hold large amounts of cryptocurrency. Typically, whales cause significant market fluctuations through their large transactions. This whale’s deposit of 1,800 bitcoins into Binance led to a sudden drop in market prices.
**The Whale’s Active Week**
This whale has been very active throughout the week. By depositing a total of 5,281 bitcoins into Binance, the cumulative value of these deposits reached $323 million. During this period, the average price of bitcoin was $61,196. However, the whale lost about $20 million in these transactions.
Currently, the whale still holds a substantial amount of bitcoin. The total holdings amount to 6,068 BTC, valued at $358 million at current market prices. This indicates that despite recent transactions and market fluctuations, the whale still holds a significant amount of bitcoin.
**Whale AAVE Transactions**
In addition to bitcoin transactions, another cryptocurrency, AAVE, has also seen notable activity. Eight hours ago, three wallets deposited a total of 47,415 AAVE tokens into Binance. The total value of these deposits is approximately $4.17 million. The intention behind this move seems to be to sell these AAVE tokens on the exchange.
**Impact of Whales and Large Institutions**
The actions of whales and large institutions have a significant impact on the cryptocurrency market. Their transactions can lead to price fluctuations, as seen with the recent drop in bitcoin prices. Such large-scale sales also attract direct interest from the crypto community. At the time of writing this article, the trading price of BTC is $58,894.
Currently, our team of six analysts has researched some coins with hundredfold potential and short-term surge projects. You can follow me to join the community and learn more, which is currently free of charge.