This week, Bitcoin whales showed numerous choppy movements as a result of the drama within the Binance exchange.
This week was one of great turmoil for cryptocurrency trading due to the spectacular stumble of Binance and its former CEO, Changpeng Zhao. The Bitcoin whales were left in the middle of all that swirl of nervousness about the exchange situation.
In a surprising turn of events, the popular CZ resigned as CEO of the exchange and pleaded guilty to numerous criminal charges, Being the most important digital currency trading platform in the world, it became the epicenter of that market. As expected, it did not go unnoticed by the whales.
On November 21, CZ turned to X to publish a lengthy post, parts of which can be read below:
“Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.”
Bitcoin Whales React to Binance Situation
This week, Bitcoin whales were left in the middle of a complex market situation after the Binance drama broke out. However, the matter was less traumatic than assumed and the main tokens returned to their pre-shake state.
Recently, the price of Bitcoin has been approaching the barrier of $38,000 per coin. This represents a positive performance of 3.3% in the week that the affairs with Binance were traded. For investors, this comes as a sign of strength, given that the currency does not depend on centralized companies.
In any case, the whales had a strong, but remarkably stable reaction. Movements with transactions less than 400 BTC were abundant. Likewise, a large part of the funds left by Binance and Kraken were placed on other platforms such as Coinbase and OKX. In other words, the outflows of funds from CEXs in general were not totally catastrophic.
Thus, the large Bitcoin whales were able to remain calm, which favored the coin’s price stability. On the other hand, the issue with Binance did not end in the worst way and the firm has great possibilities of moving forward with its new CEO.
This is How the Big Holders Traded This Week
With all these elements on the table, it can be said that the whales were able to guarantee stability in the market. This means that ground is being gained among Bitcoin investors in terms of maturity. Despite the recentness of the FTX case, the market seems more focused on the expected positive news coming in 2024-25.
In any case, this week the big whales moved a total of 240,812 BTC, of which 134,791 coins ended up on the exchanges. The latter represents 55.97% of the total traded during the week. It should not be overlooked that most of the movements occurred with transactions lower than 400 BTC.
At the other end, 99,088 BTC left the exchanges towards accumulation wallets. This translates to 41.15% of all coins traded in the week. A total of 6,933 bitcoins were moved between wallets of different exchange platforms, which is equivalent to 2.88%.
With all this in perspective, it must once again be confirmed that the Bitcoin whales knew how to handle themselves in the midst of this week’s chaos. However, this does not mean that there were not some insane Binance exit transactions.
By Audy Castaneda
