Bitcoin (BTC) Whale Buys $16M Worth of BTC From Binance, Signaling Bullish Market Trend

Bitcoin (BTC) started this week with positive price action, retrieving a four-month price range previously lost in early July.

Cryptocurrency exchange Binance saw a large inflow of Bitcoin (BTC) on Monday, as an address ‘3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN‘ purchased nearly $16 million of the flagship digital asset in a bullish signal to traders.

The address has profitably traded Bitcoin twice in the last 12 months, amassing more than $30 million in gains. In this case, a “trade” combines a balance’s inflow and subsequent outflow related to exchanges – likely buying and selling BTC.

The whale’s most recent activity consisted of a 245 BTC inflow from Binance, as reported by Lookonchain in a post on X on July 17. At the time, Bitcoin was trading at $65,656.

The trader purchased 718 BTC from August 9 to November 1, 2023, at a $29,385 dollar-cost average, according to Lookonchain. On December 18, the address closed this position at $41,953, profiting $9 million.

The second trade took place from February 7 to June 20, 2024. In eight transactions, 1,181 BTC were bought at an average of $48,822 and then sold in two transactions for a $21.2 million profit of $66,792 on average.

Interestingly, this entity spread its purchasings in multiple transactions at strategic times, selling in fewer transactions to realize the profit. If the pattern repeats, this profitable trader may be set to buy more Bitcoin in the coming days and weeks.

Observing smart money activity can give crypto traders and investors valuable insights into what to expect next. For example, institutional players and other whales have injected nearly $280 million into the crypto ecosystem, while crypto tycoon Justin Sun has likely amassed over $1 billion in Ethereum (ETH) since February, both previously reported by Finbold.

However, even a historically profitable trader can be wrong, and cryptocurrencies are volatile assets that are notoriously difficult to predict. There is, currently, a notable bullish signal in the markets, but investors must remain cautious moving forward.

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