Bitcoin whales are actively accumulating, with one whale address just withdrawing 4,500 BTC from Binance.
Whale activity has increased during Bitcoin’s recent weekly high, showing a potentially positive trend in the future.
According to the whale tracking website LookOnChain, the whale known as “12QVsf” has reportedly withdrawn a large amount of Bitcoin from well-known exchanges, possibly hoarding it in anticipation of a future price increase.
Withdrawals from Binance
LookOnChain revealed that over the past 22 hours, whale “12QVsf” withdrew 4,500 BTC, or roughly $302 million, from Binance. On-chain spy The Data Nerd reported that the average entry price per Bitcoin withdrawal was $67,182.
Binance outflows | Source: Akharm Intelligence
As well as small withdrawals of 500, 550, and 450 bitcoins, the transactions included several large withdrawals of 950, 450, and 600 bitcoins. The first known withdrawal was one thousand bitcoins.
According to additional information from Arkham Intelligence, whale “12QVsf” presently has 4,500 BTC with an unrealized loss of almost $12.12 million.
Furthermore, Lookonchain found three wallets, conceivably related to the same whale that withdrew 1,400 BTC from Bitfinex. This comes after a previous withdrawal of 2,510 BTC from Bitfinex on June 20.
Bitfinex sees major BTC outflows
Three different wallets were used to make the most recent withdrawals from Bitfinex, each of which showed notable activity. Wallet 1 withdrew $649.9 BTC today after withdrawing $700 BTC a month ago.
Wallet 2 withdrew 999.9 BTC earlier and withdrew 600 BTC today. In contrast, Wallet 3 withdrew 859.9 BTC today after withdrawing 100 BTC a month ago.
Withdrawals made on June 20 reached $163.22 million, while withdrawals made today totaled $94.09 million.
This regular pattern of significant withdrawals points to a deliberate accumulation strategy by these wallets, likely driven by current market dynamics and expectations of future prices.
Looking at whale activity indicators
Technically speaking, despite the price volatility, TradingView’s Accumulation/Distribution (Acc/Dist) line, which measures the total movement of funds in and out of Bitcoin, displays a consistent upward trend.
This upward trend is further supported by the 21-period SMA of the Acc/Dist line, which points to a longer period of accumulation.
Bitcoin Accumulation
The MACD indicator also supports this accumulating trend, as positive histogram bars and a bullish crossover of the MACD lines indicate increasing bullish momentum. This is consistent with the observed whale activity and accumulation patterns.
