Bitcoin faced renewed pressure after a major whale moved large amounts of BTC to exchanges, with markets noting that every time this whale deposits, Bitcoin tends to see a price drop, fueling short-term bearish sentiment
Top Whale Bitcoin Deposits Trigger Market Unease
Blockchain tracker Lookonchain flagged the transaction of an anonymous whale that has deposited 8,200 BTC, worth approximately $559 million, into Binance over the past three days. According to the on-chain sleuth, whenever this whale makes a deposit, Bitcoin tends to dip, strengthening bearish sentiment among traders monitoring the whale’s wallet.
A reported transaction yesterday shows that this whale deposited 1,100 BTC worth $74.37 million into Binance in a single transaction. Shortly after the transfer, Bitcoin’s price retraced roughly 3%, falling toward $65,000 and triggering short-term panic selling across spot and derivatives markets.
Meanwhile, it is also worth noting that Lookonchain previously flagged a deposit by this same whale on February 11, 2026. During that event, the whale deposited 2,500 BTC worth approximately $172.56 million into Binance. At the time of the deposit, Bitcoin was trading slightly above $70,000. Shortly after the transaction, the asset recorded a noticeable price dip, reinforcing the market narrative that this wallet influences short-term price action.
These repeated patterns have heightened market sensitivity toward large exchange inflows, with traders now closely tracking this whale’s activity as a potential leading indicator for volatility spikes.
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Volatility and Conspiracy Shape Market Mentality
Crypto community members also reacted with mixed feelings to the recurring whale pattern. Some believe the price drop that follows each deposit could signal the whale is selling after moving the BTC to Binance.
Others speculate that the whale could be working in coordination with exchanges to manipulate Bitcoin’s price for profit, although no evidence has been presented to support such claims. It is also worth noting that this massive BTC deposit into Binance comes amid rumors that the exchange is collapsing, following reports of large outflows.
However, Binance has debunked the claims and launched an anti-FUD contest to counter misinformation. The exchange also recently completed the conversion of its $1 billion SAFU reserve stablecoin holdings into Bitcoin, a move many believe strengthens long-term investor confidence in the platform.
Bitcoin Price Action Signals Short-Term Weakness
According to CoinMarketCap data, Bitcoin has since recovered slightly, climbing back above $66,000. The modest rebound suggests buyers are still defending key psychological price zones despite recent sell pressure.
Interestingly, market expert Michael Van de Poppe, in a recent X post, speculated that Bitcoin could enter a strong bull cycle in 2026 and 2027. During this period, he believes BTC could surge to new all-time highs if macro conditions and institutional demand align.
However, in the short term, investors and market trackers are closely observing this whale. Analysts warn that continued large deposits or sudden exchange inflows from this wallet could influence Bitcoin’s price trajectory in the coming days, potentially increasing volatility as traders react to on-chain signals.
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The CoinRemark Team
Evans Kelvin
