Bitcoin whales have been actively accumulating the cryptocurrency, as evidenced by a recent withdrawal of 4,500 BTC from Binance by a significant whale known as “12QVsf.” This surge in whale activity suggests potential bullish trends in the future.
According to the whale tracking platform Lookonchain, the whale address “12QVsf” has withdrawn a substantial amount of Bitcoin from major exchanges, indicating a strategy of accumulating the cryptocurrency in anticipation of higher prices. The withdrawals from Binance totaled approximately $302 million, with an average entry price of $67,182 per BTC.
The transactions included several large withdrawals, ranging from 450 BTC to 1,000 BTC. The total holdings of whale “12QVsf” currently stand at 4,500 BTC, with an unrealized loss of around $12.12 million.
In addition to the withdrawals from Binance, Lookonchain also identified three wallets potentially linked to the same whale that withdrew a combined total of 1,400 BTC from Bitfinex. This follows a previous withdrawal of 2,510 BTC from Bitfinex on June 20.
The recent and consistent pattern of large withdrawals from Bitfinex suggests a deliberate accumulation strategy by these wallets, influenced by market conditions and future price expectations. This strategy aligns with the observed whale activity and accumulation patterns.
Technical indicators further support the notion of accumulation. The Accumulation/Distribution (Acc/Dist) line on TradingView shows a consistent upward trend, indicating a cumulative flow of money into Bitcoin. The 21-period SMA of the Acc/Dist line confirms this upward trend, suggesting a sustained period of accumulation. The MACD indicator also supports this trend, with positive histogram bars and a bullish crossover of the MACD lines indicating growing bullish momentum.
It is important to note that this article is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.
