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The Block July 5, 2024, 3:31PM EDT Published 1 minute earlier on

Two wallets have deposited 9,500 BTC +2.55% to Binance since June 27, potentially indicating whales liquidating nearly $550 million in cryptocurrency.

The wallets, first spotted by blockchain analytics firm Lookonchain, could represent whales cashing in on their bitcoin holdings, which are currently valued at $537 million. When the transfers began last week, the stash was worth closer to $575 million.

Lookonchain also analyzed the timing of transfers from each of the two wallets and found a correlationbetween the transfers to addresses tagged as Binance deposit wallets by Arkham Intelligence and subsequent declines in the price of bitcoin that were likely sparked by the large sales.

One wallet still holds over 4,300 bitcoin worth nearly $250 million at current prices. Its most recent deposit to a Binance address occurred two days ago.

The crypto industry has been roiled in recent days by the movement of bitcoin associated with hacked exchange Mt. Gox's repayment of creditors in bitcoin and bitcoin cash. The news has already caused hundreds of millions of dollars of liquidations across the crypto market, though the timeline for repayments varies per custodian, and some creditors may have to wait up to three months to receive their coins.

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$537 million Binance deposits tied to BTC price drop suggest whales selling: LookOnChain - The Block