Big Institutions Offloading BTC: Massive Deposits Flood Binance

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Cryptodnes2024/08/19 18:21

By:Cryptodnes

Bitcoin (BTC) has struggled to recover after a sharp decline below $50,000 in early August, amid a downturn in global markets.

Despite this, institutional investors are reportedly continuing to offload their BTC holdings.

According to a Lookonchain update , the custody platform Ceffu, linked to Binance, deposited $7 million worth of BTC in a single day. Since July 31, Ceffu has moved a total of 3,568 BTC, valued at approximately $211.6 million, to Binance. This significant transfer suggests that institutions are actively selling their Bitcoin assets.

In addition to Ceffu, the crypto market maker Wintermute has recently deposited $97.03 million worth of WBTC into Binance. On-chain analyst ai_9684xtpa noted that Wintermute added 1,631,863 WBTC (about $97.03 million) to the exchange in the last 13 hours alone.

Bitcoin Analyst Predicts Short-Term Dip, Mid-Term Rally

Overall, Wintermute’s deposits since August 17 have totaled 5,860.67 WBTC, worth around $348 million, leading to speculation that the firm might be reducing its WBTC holdings.

Furthermore, QCP Capital, a Singapore-based cryptocurrency trading firm, has also contributed $5.87 million worth of WBTC to Binance. On-chain analyst The Data Nerd reported that QCP Capital deposited 100.5 WBTC, equating to $5.87 million.

Experts caution that these large-scale institutional sales could exert downward pressure on Bitcoin’s price.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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