Binance receives unprecedented Bitcoin transfer as ‘whales’ influence sends market plunging

Quick Take

Yesterday marked a significant movement in the Bitcoin market, recording a roughly 4% decline in value, as the price of Bitcoin plunged below the $26,000 mark. This move was coupled with the largest influx of Bitcoin to exchanges witnessed in 2023, with the majority of these inflows accredited to prominent holders, commonly referred to as ‘whales’ in the crypto sphere.

The most remarkable activity was observed on Binance, one of the leading global cryptocurrency exchanges, which received an influx of roughly 6,000 Bitcoin. This transfer to Binance does not only account for a substantial portion of the total inflows but also marks one of the largest single inflows to the platform in 2023.