A whale has placed a limit order of 6,500 BTC that reached a lowest price of $12,100 on the world’s leading cryptocurrency exchange, Binance. Further attesting the serious bullish sentiment on the market, the order has been entirely filled up already.
Whale Dumps 6.5K BTC On Binance
A massive sell order of 6,500 BTC was placed on the order book of Binance with the lowest fill price being $12,100. While this caused a serious downward spike in the price of the cryptocurrency, which dropped from $12,600 to $12,100 in less than 15 minutes, the order has already been filled up entirely and the price is starting to recover, as of writing this.
— 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 $13,800 as its current high, followed by a quick correction to $9,600. Bitcoin was trading only several hours below the $10K mark, before spiking to its current price 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), whereas usually such a massive amount is sold. When such orders are executed on one exchange, it affects the market price. As we saw, this Binance massive order brought the price down also on other exchanges, with $500 or roughly around 3.5% in a matter of minutes.
Bitcoin Recovers, Dominance Increases As Well
Moments after the order was fully filled up, the price spiked, showing that investors are seemingly bullish on Bitcoin at the current market conditions. At the time of this writing, Bitcoin trades at $12,370 (BitMEX).
Yesterday BTC managed to break the resistance at $12,000 and since then surged up to $12,800 before being pushed back 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 market is also steadily increasing. Currently around 63.7%, BTC dominance is up with about 1% on the day. This suggests that Bitcoin continues to crush alt coins, which are having hard times catching up to speed.
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