Bitcoin Whales Pull 4,500 BTC From Binance, Hinting At Incoming Rally

Source Newsbtc

Recent on-chain data suggests that Bitcoin (BTC) whales may be preparing for a potential rally, as Binance BTC withdrawals have seen a notable spike. Additionally, rising stablecoin inflows to exchanges indicate growing buy-side liquidity, reinforcing the market’s bullish sentiment.

Bitcoin Whales Foreseeing Major Rally Ahead?

According to a recent CryptoQuant Quicktake post by contributor Amr Taha, Bitcoin whales recorded one of the largest BTC outflows from Binance this month. The chart below shows that nearly 4,500 BTC were withdrawn on June 16.

btc

Bitcoin whales are defined as wallet addresses with significant BTC holdings. Past data suggests that such large withdrawals from whales have typically preceded price rallies, as they reflect a reduction in BTC exchange reserves, leaving fewer coins readily available for trading. 

Beyond this large-scale withdrawal, on-chain data also reveals dwindling BTC inflows to exchanges from both whales and retail investors. This combination of major outflows and low deposits could be laying the groundwork for a Bitcoin “supply crunch.”

For the uninitiated, a Bitcoin supply crunch occurs when the available BTC on exchanges declines sharply, reducing the immediate supply for buyers. This happens when long-term holders or whales withdraw BTC to cold storage, creating upward pressure on price as demand outpaces liquid supply.

Stablecoin Inflows Witness Sharp Increase

In parallel with Bitcoin’s exchange exodus, stablecoin inflows to Binance have surged in recent days. Notably, over $400 million in stablecoins flowed in on both June 13 and 15.

stablecoin

Historically, such significant stablecoin inflows have been linked to buy-side liquidity preparation. In other words, large investors appear ready to deploy capital into crypto assets like BTC, reflecting renewed risk appetite. Taha concluded:

The aggressive Bitcoin withdrawals and concurrent stablecoin deposits create a supply-demand asymmetry. With fewer BTC available on exchanges and growing liquidity to fuel buys, the stage is set for a potential price breakout.

Meanwhile, additional exchange data supports the case for further upside in BTC. For example, the coin has been experiencing consistently negative funding rates on Binance – often a precursor to short squeezes.

At the same time, Bitcoin’s long-term holder Realized Cap recently surpassed $20 billion, underscoring rising confidence among seasoned investors. In addition, despite the ongoing BTC rally, retail participation remains relatively low, suggesting further room for growth.

However, short-term holders are showing signs of caution, increasing their selling amid recent price corrections. At the time of writing, BTC is trading at $105,575, down 1.0% in the past 24 hours.

bitcoin
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ripple’s $21 Trillion Dream: What Capturing 20% Of SWIFT Volume Means For XRPRipple Labs, a crypto payments company, continues to set its ambitions and those of XRP higher than ever as it edges closer to disrupting the global financial messaging giant SWIFT. After Ripple CEO
Author  NewsBTC
7 Month 14 Day Mon
Ripple Labs, a crypto payments company, continues to set its ambitions and those of XRP higher than ever as it edges closer to disrupting the global financial messaging giant SWIFT. After Ripple CEO
placeholder
Australian Consumer Confidence Hits 3-Year High on RBA Rate CutsAustralian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
Author  Mitrade
8 Month 19 Day Tue
Australian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
placeholder
Small Caps and Value Stocks Lead Gains as S&P 500 AdvancesLast week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
Author  Mitrade
8 Month 19 Day Tue
Last week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
8 Month 19 Day Tue
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
placeholder
Bitcoin Dips to Two-Week Low Around $113K Ahead of Fed Jackson Hole EventBitcoin continued its downward trajectory on Wednesday, hitting a two-week low as investors trimmed their positions ahead of the Federal Reserve’s upcoming Jackson Hole symposium.
Author  Mitrade
8 Month 20 Day Wed
Bitcoin continued its downward trajectory on Wednesday, hitting a two-week low as investors trimmed their positions ahead of the Federal Reserve’s upcoming Jackson Hole symposium.
goTop
quote