A whale has placed a limit sell order of 6,500 BTC which lowered Bitcoin’s price to $12,100 on the world’s leading cryptocurrency exchange, Binance. Attesting to the seriously bullish sentiment in the market, the order has already been entirely filled.
Whale Dumps 6.5K BTC On Binance
A massive sell order of 6,500 BTC was placed on Binance with the lowest fill price being $12,100. While this caused a serious drop in the price of the cryptocurrency, which fell from $12,600 to $12,100 in less than 15 minutes, the order has already been filled in its entirely and the price had started to recover at the time of writing.
— Alex Saunders (@AlexSaundersAU) July 9, 2019
As noted by the majority of the crypto community, this seems to be a predominantly bullish signal as it shows that investors are eager to ‘buy the dip’, regardless of the price. The recent bull market reached a high of $13,800, followed by a quick correction to $9,600. Bitcoin was trading below the $10K mark for mere hours before spiking to its current price of over $12,000.
However, it remains unclear why the seller decided to dispose of more than $79 million worth of Bitcoin. It’s also rather strange that the order was executed on the Binance exchange and not over-the-counter (OTC), where such large amounts are typically sold. When such orders are executed on one exchange, they affect the market price. This massive Binance order brought the price down on other exchanges to the tune of $500 or roughly 3.5% in a matter of minutes.
Bitcoin Recovers, Increases Dominance
Moments after the order was fully filled, Bitcoin’s price spiked, showing that investors are seemingly bullish on Bitcoin. At the time of this writing, Bitcoin was trading at $12,370 on BitMEX.
Yesterday BTC managed to break the resistance at $12,000 and surged to $12,800 before being pushed back down to $12,100 after the massive sell order was executed.
More interestingly, Bitcoin’s dominance index, which measures the cryptocurrency’s relative share of the entire crypto market, is also steadily increasing. Currently sitting at 63.7%, BTC dominance is up about 1% on the day, indicating that Bitcoin continues to crush altcoins.