Binance USDT Transfer Doesn't Deter Bitcoin's Upward Momentum

On July 30 (local time), a significant transfer of 500 million USDT was made from Binance to the Tether treasury wallet. Whale Alert reported the transaction, which initially seemed like a potential sell signal for Bitcoin.

However, the market did not interpret this as a liquidity outflow, but rather as a technical reallocation of funds. This is because the transfer may be part of an operating process by Binance to respond to margin trading demand on the exchange.

Bitcoin continued to move upward, nearing $65,000 despite the large stablecoin transfer. The relative strength index (RSI) also recovered from an oversold zone below 20 into a neutral range, indicating easing selling pressure and a return of short-term buying momentum.