Whale Withdrawal Boosts Bitcoin Price Above $64,000

Bitcoin's price has held above $64,000 as on-chain data shows signs of improvement. The price rose by about 1.1% over the past day to reach around $64,690.

A large purchase from a single investor known as a whale contributed to the price increase. The whale withdrew more than 1,250 Bitcoin, worth around $80.94 million, from Binance. This move is often seen as a sign of accumulation, or long-term holding, rather than a plan to sell.

Crypto commentator Ted Pillows shared his view on the transfer, describing it in one word: 'Accumulation.' The view among traders is that large holders may be positioning for further gains.

On-chain data also shows that Bitcoin's total value locked has held near $4 billion, and active addresses have remained steady around 600,000. This suggests a stable market with less forced selling inside the derivatives market.