Whale Watch: BNB Tokens Worth $100M in Motion, Exploring the Impact on Binance Coin (BNB)

Whale Watch: BNB Tokens Worth $100M in Motion, Exploring the Impact on Binance Coin (BNB)

Whale Dumps $103 Million Worth of BNB Tokens

A whale recently dumped 200,000 BNB tokens worth $103 million on the world’s largest cryptocurrency exchange, Binance. Despite this massive token dump, BNB has shown bullish movement above the 200 EMA on the chart.

The overall cryptocurrency market is under significant selling pressure due to continuous Bitcoin (BTC) sell-offs by whales and government actions from the United States and Germany in recent days.

Details of the Whale Deposit

On July 8th, Binance whale “capybara_bnb” deposited a substantial 200,000 BNB tokens, valued at $103 million, as reported by Wu Blockchain. This deposit has garnered considerable attention amidst the ongoing market turmoil.

Despite this deposit, capybara_bnb still holds 204.6K BNB tokens worth $105 million in its holdings.

In addition to this BNB deposit, there have been significant dumps of other tokens, including 1,000 Bitcoin by the German government and 809 BTC by whale address “3G98jS.” These actions indicate substantial selling pressure in the market.

Market Sentiment and Analysis

A recent report indicates that the crypto fear and greed index has dropped to its lowest level since early 2023, reflecting extreme fear among investors.

If the selling pressure persists, more sell-offs may occur in the coming days.

BNB Technical Analysis and Support Levels

Technical analysis shows that BNB is currently at a critical support level of $500 and is trading above the 200 Exponential Moving Average (EMA) on a daily timeframe, indicating bullish sentiment.

  • If BNB closes below the 200 EMA and the $500 level on a daily basis, it could lead to a significant sell-off.
  • The next support level for BNB is around $430.
  • The Relative Strength Index (RSI) suggests a potential recovery as it is in oversold territory.

BNB Price Performance and Market Activity

Despite the recent dumping, BNB’s Open Interest (OI) increased by 1.4%, indicating some interest from traders and investors.

In the last 24 hours, bulls have seen liquidations totaling over $803k, while short sellers faced liquidations amounting to $1.23 million, according to Coinglass, an on-chain analytics firm.

Currently, BNB is trading near $513, with a 3.2% increase in the last 24 hours. Trading volume has also risen by 26%, indicating heightened investor and trader participation amid the bearish sentiment.

Over the past seven days, BNB has depreciated by 11%, while over the last 30 days, it has lost 25% of its value.

Leave a Reply

Your email address will not be published. Required fields are marked *