Bitcoin's Price Dip: Whales Flock to Binance While Long-Term Holders Stand Strong Bitcoin recently weathered a weekend pullback, briefly dipping to $112,296 before stabilizing around $114,420. Despite a nearly 4% decline over the past week, marking a notable short-term correction, market analysts suggest that Bitcoin's broader outlook remains influenced by the actions of large-scale investors and the steadfast behavior of its long-term holders.
Binance Dominates Whale Trading
On-chain data from CryptoQuant highlights a significant trend: high-volume Bitcoin traders, often referred to as "whales," are predominantly active on Binance. According to analyst Crazzyblockk, Binance outpaces other exchanges in both total volume and the sheer number of individual whale-level transactions (1,000 BTC or more). This suggests Binance offers unmatched liquidity, allowing major players to execute substantial orders with minimal price impact. Monitoring Binance's order book can therefore provide crucial insights into institutional sentiment and potential market movements.
Long-Term Holders Bolster Bitcoin's Foundation
While whale activity influences short-term price fluctuations, the broader market sentiment is buoyed by long-term holders (LTHs). CryptoQuant analyst Abrahamchart points out that LTHs continue to maintain significant unrealized profits, with the Net Unrealized Profit/Loss (NUPL) ratio consistently above 0.5. This indicates a strong holding conviction, preventing mass sell-offs and providing robust price support, particularly near the $104,000 mark. Conversely, short-term holders (STHs) are observed taking profits during rallies, contributing to temporary selling pressure and minor corrections, such as the recent dip below $113,000. Overall, the underlying trend remains resilient due to the steadfastness of long-term participants.
