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Bitcoin drops to $26K as the result of Binance whales selloff Bitcoin drops to $26K as the result of Binance whales selloff James Van Straten · 2 years ago
Insights Bitcoin

Bitcoin drops to $26K as the result of Binance whales selloff

Data via Glassnode

In aggregate, $120 million worth of Bitcoin was put onto exchanges yesterday.

James Van Straten / @jvs_btc / May. 12, 2023 at 9:30 am UTC

Quick Take

  • In aggregate, $120 million worth of Bitcoin was dumped onto the market yesterday.
  • Mainly from Binance whales โ€” where most of the selling pressure came from.
  • In the grand scheme of things, this is not a lot of sell pressure but the issues stem from an illiquid market โ€” price is susceptible to aggressive moves.
  • The move down earlier this week resulted from an 8% drop in open interest, resulting in a liquidation cascade.
Transfer Volume: (Source: Glassnode)
Transfer Volume: (Source: Glassnode)
Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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In this insight

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