Analysis: Binance Whale Community Unanimously Favors Ethereum, Yet Is Now Fueling Funds «Against» Bitcoin

BlockBeats News, September 5th, on-chain data analyst Murphy published an article explaining the divergence and consensus among Binance whales after the rapid growth of mainstream stablecoin balances on Binance. During the period from August 13th to September 3rd, Binance's BTC balance increased by 7,709 coins. Binance is witnessing a "battle" between two whale groups with single transaction sizes ranging from $1 million to $10 million and greater than $10 million. In April this year, these two forces were aligned in transferring out, but after August 13th, disagreements emerged. Smaller whales continue to deposit BTC into Binance, while larger whale groups keep withdrawing BTC. Both groups are not ordinary retail investors in terms of fund size and are evenly matched in strength; the former represents potential selling pressure, and the latter represents buying demand, with the former currently having the upper hand.

It is worth noting that ETH's data is exactly the opposite of BTC. During the period from August 13th to September 3rd, not only did Binance's ETH balance not increase, but it also decreased significantly by 1.616 million coins. Although there had been a slow downward trend in balances before, during this period, the acceleration of ETH being transferred out was very noticeable. Similarly, in the case of ETH, the two whale groups with transaction sizes ranging from $1 million to $10 million and greater than $10 million on Binance did not have any disagreements; they consistently withdrew their holdings. This sharp contrast with the BTC whale power struggle is apparent.

The larger-scale funds on Binance show higher consistency in their intent towards ETH and prefer ETH more. Whereas, in the case of BTC, there are disagreements and conflicts among whales, preventing a rapid reduction in potential selling pressure on the trading platform. This analysis is for educational purposes only and should not be considered as investment advice.