The cryptocurrency market witnessed intense activity on May 18 and 19, when large withdrawals from Binance created consternation among analysts and investors. These notable trades, which include Bitcoin (BTC), Ethereum (ETH), and the lesser-known altcoin Bluzelle (BLZ), paint a picture of potential whale action and provide clues to underlying market sentiment.
Binance whales buy and sell altcoins
According to Coinact, on May 18, a staggering $2,822 million in ETH was transferred from Binance to an Ethereum address associated with leading crypto market maker Wintermute. This major pullback indicates that Wintermute may be preparing to strategically deploy its ETH assets. It remains to be seen whether they plan to use it for further market-making activities, hold it in anticipation of price volatility, or distribute it elsewhere.
The next day, May 19, Lookonchain monitoring detected an even more interesting development regarding BLZ. Apparently acting together, the two newly created wallets withdrew a total of 12.73 million BLZ from Binance. This withdrawal, worth approximately $4.03 million, puts the spotlight on BLZ, a token associated with Bluzelle Network, a decentralized storage solution. The sudden increase in BLZ activity from new addresses could potentially be a sign of increased interest in the project due to upcoming developments or positive news around the Bluzelle Network.
Adding another layer to the BLZ story, on-chain analyst Ember reported that 26 million BLZ ($8.14 million worth) was withdrawn from Binance via three newly created addresses. The timing and coordinated nature of this pullback suggest that these addresses may belong to the same organization and possibly have a significant stake in BLZ.
Bitcoin whale withdrew 1,590 BTC
However, the biggest jump was made by a whale address starting with “124BPp9”. Lookonchain data reveals that this address purchased and withdrew a whopping 1,590 BTC in a 24-hour period on May 19, equating to a staggering $106.8 million. As a dominant cryptocurrency, this significant movement of Bitcoin is bound to create speculation. Was this a whale consolidating his assets on a reliable exchange like Binance, or was he taking advantage of a perceived market opportunity by transferring his BTC elsewhere? These large withdrawals from Binance, particularly for BLZ, highlight the potential for significant price movements.
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