In a series of large transactions over the past day, Bitcoin whales have transferred over $700 million worth of BTC to a major cryptocurrency exchange, Binance.
According to crypto tracking service Whale Alert, an anonymous wallet holder moved 10,000 BTC, worth $345 million, to Binance, the world’s largest crypto exchange by volume.
This massive transfer came just a day after the Bitcoin Fear and Greed index shifted into “greed” territory, suggesting the market may be overheating.
Prior to this significant move, 7,000 BTC, worth approximately $241 million, was also transferred to Bitfinex exchange on November 3rd, by an unknown whale wallet.
Additionally, a total of 10,775 BTC, valued at $374 million, was sent to Coinbase, the major U.S. exchange, across five separate transactions.
The flurry of large BTC transfers to exchanges has sparked speculation that whale investors may be preparing to take profits after Bitcoin’s 15% surge last week. The moves also hint that a market correction could be on the horizon as greed sentiment builds.
With over $700 million worth of Bitcoin being shuffled around, crypto market observers will be keeping a close eye on price movements and exchange activity in the coming days. Significant whale transfers often impact the volatility of the crypto market