Bitcoin News Today: Bitcoin Faces 4% Weekly Drop as Whale Activity Surges on Binance

Bitcoin recently experienced a notable short-term correction, dipping briefly below $113,000 before stabilizing near $114,420. Over the past week, the cryptocurrency has declined nearly 4%, sparking renewed discussions around potential further downward movements driven by whale trading behavior [1]. On-chain data from CryptoQuant reveals that Binance has become the central hub for large-scale Bitcoin transactions, processing over 56 million whale trades since late July—more than three times the 16 million reported on HTX [2]. These figures highlight Binance’s dominance in facilitating high-volume trades and its role in offering liquidity to major market players [1].

Crazzyblockk, a CryptoQuant analyst, noted that the concentration of whale activity on Binance not only improves market depth but also reduces slippage for large orders [1]. This liquidity advantage could be critical in determining whether Bitcoin can stabilize or face further corrections. Additionally, the volume of inflows and outflows on Binance has exceeded 30 million BTC, further underscoring its role as the primary venue for institutional-style trading [2].

Despite the recent price pullback, long-term holders continue to maintain bullish conviction. The Net Unrealized Profit/Loss (NUPL) ratio remains above 0.5, suggesting that large investors have not been actively selling amid the dip [1]. In contrast, short-term holders have been more inclined to take profits during price rallies, contributing to the latest correction. According to Abrahamchart, a CryptoQuant contributor, this behavior by short-term holders is a recurring pattern during market cycles and is not a sign of long-term bearish sentiment [1].

While the broader trend remains intact, analysts caution that a sustained sell-off from long-term holders could trigger a deeper correction, potentially lasting months [4]. Meanwhile, a major whale opened a $86 million long position in Bitcoin, signaling continued bullish interest despite the recent volatility [5]. This mixed behavior among large holders—some accumulating while others cashing out—creates a complex market dynamic that could influence Bitcoin’s trajectory in the coming weeks [1].

Bitcoin’s current price of around $112,000 represents a key psychological and structural support level. It aligns with the 50-day EMA and the neckline of a recent breakout pattern. A sustained move below this level could expose deeper support at the 100-day EMA ($107,800) and the 200-day EMA ($100,000), while a retest above it may signal a continuation toward $120,000 [6]. The market will be watching closely to see whether this level holds, as it could determine the direction of the next major price action.

Ethereum has also seen stabilization after correcting from above $3,800 to around $3,430. The 26-day EMA is acting as support, and the RSI is showing balanced readings around 53, suggesting the coin is not in oversold territory. If Ethereum can reclaim the $3,600 level, it may test the $3,950–$4,000 range, a previous high for the current rally [6]. The volume data indicates that selling pressure has not intensified, giving bulls an opportunity to push the price higher.

With whales actively trading and large positions being opened, the next few days will be critical in determining Bitcoin’s next move. The combination of whale activity, institutional sentiment, and technical levels will likely play a decisive role in shaping the near-term trajectory of the market [1][6].

Sources:

[1] Over 56 Million Whale Trades on Binance, Is Bitcoin Headed for Another Correction? (https://www.newsbtc.com/bitcoin-news/over-56-million-whale-trades-on-binance-is-bitcoin-headed-for-another-correction/)

[2] Binance Emerges as The Top Destination for Bitcoin Whales (https://cryptodnes.bg/en/binance-emerges-as-the-top-destination-for-bitcoin-whales-says-cryptoquant/)

[4] Ancient Bitcoin Whale Moves Millions in BTC After 12 Years (https://www.coinbase.com/price/bitcoin)

[5] rovercrc Flash News List (https://blockchain.news/flashnews/rovercrc)

[6] Shiba Inu (SHIB) Not Adding Zero? Bitcoin (BTC) 112000 Is Fundamental, Ethereum's (ETH) Massive Chance For (https://u.today/shiba-inu-shib-not-adding-zero-bitcoin-btc-112000-is-fundamental-ethereums-eth-massive-chance-for)