![Bitcoin drops to $26K as the result of Binance whales selloff](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/01/bitcoin-Insights-2.jpg&w=70&h=37&q=75)
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)](https://cryptoslate.com/wp-content/uploads/2023/05/prr.jpg)