Bit-comment: some worrying signs from whales activity

By Monday noon, BTC was trading at around $8,500, dropping by almost 3% during the last 24 hours. After a drawdown to $8,100 at the end of the working week, Bitcoin recovered during the weekend but did not show massive growth. Daily trading volumes were stable over the weekend at around $20 billion. On May 29, Binance moved out 87,000 BTC from its cold wallet ($739.5 million at the current exchange rate), which pushed out the wallet to 53rd place in the list of the largest 100. After that, the wallet received 6 transactions for 11k bitcoins, but they are still incomparable with the scale of the withdrawal. Maybe the whales are either preparing to move their funds, or they are already doing it, and the longer there is no upward movement in the market, the higher the likelihood that the sale will begin.

The FxPro Analyst Team