Whale watch: Impact on BNB as tokens worth $100M go on the move
  • A major investor has sold 200,000 BNB tokens worth $103 million to the world’s largest cryptocurrency exchange.
  • Despite the massive token sale, BNB remains above the 200 EMA and is showing bullish signs on the charts.

The entire cryptocurrency market is under extreme selling pressure due to the continued decline of Bitcoin. [BTC] Recent large scale sales by whales, the US and German governments.

As this selling pressure continued, on July 8, Binance [BNB] The whale capybara_bnb has reportedly deposited 200,000 BNB tokens, worth $103 million, with Binance. Woo Blockchain.

Whales sell $103 million worth of BNB tokens

The whale’s huge deposit has attracted significant attention from investors and institutions amid ongoing selling pressure in the cryptocurrency industry.

Despite this large BNB deposit, the whale still holds 204.6K BNB tokens worth $105 million.

In addition to this BNB deposit, the market has also seen notable releases of other tokens, including 1,000 Bitcoin by the German government and 809 BTC by whale address “3G98jS.”

The continued dumping of tokens in the market indicates significant selling pressure.

Meanwhile, recent reports have revealed that cryptocurrencies Fear and Greed Index It has plummeted to its lowest level since early 2023, signalling extreme fear in the market.

However, if this sell-off doesn’t stop, we could see further selling in the coming days.

BNB Technical Analysis and Key Levels

According to expert technical analysis, BNB is at the critical support level of $500 at the time of writing and above the 200 Exponential Moving Average (EMA) on the daily chart.

The price of BNB has risen above the 200 EMA, indicating that the asset is still in the bullish zone.

Source: TradingView

If BNB on the daily chart closes below the 200 EMA and below $500, there is a high chance that BNB will come under massive selling pressure.

Furthermore, BNB could reach the next support level at $430. However, the relative strength index (RSI) is also showing signs of recovery as it was in the oversold territory at the time of writing.

Source: Coinglass

BNB Price Performance Analysis

Despite the bullish outlook after the recent sell-off, BNB’s open interest (OI) increased by 1.4%, indicating a modicum of interest from traders and investors.

Meanwhile, bulls have seen more than $803,000 liquidated in the past 24 hours, while short sellers have seen $1.23 million liquidated, according to on-chain analytics firm Coinglass.

At the time of writing, BNB is trading near $513, having gained 3.2% in the past 24 hours.

Meanwhile, trading volume in the past 24 hours has increased by 26%, indicating increased participation of investors and traders in BNB amid this bearish sentiment.

Looking at BNB’s performance over a longer period of time, its value has dropped by 11% in the past 7 days, which equates to a 25% drop in value in the past 30 days.

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