Bitcoin Whale Unloads $81M on Binance, But Market Remains Weak

Bitcoin's struggle to hold above $60k has been well-documented in recent days. Despite breaching this key level daily for five straight days, with $59k acting as support, the cryptocurrency is still holding on at around $60,352.

In fact, whale activity has surged significantly over the past week, coinciding with market weakness. According to CryptoQuant's Spot Average Order Size data, large whale orders have been appearing at the $59k and $60k price levels over the past five days, suggesting that whales have been actively buying at these price points.

Exchange Netflow has remained negative for three weeks, with a current reading of around -125 BTC. A sustained period of negative Netflow suggests that active traders on the spot are mostly buying, confirming that whales have indeed been buying.

A newly created wallet on Binance withdrew 1,350 BTC worth $81.87 million from the exchange, sparking optimism about Bitcoin's prospects. However, despite this influx of capital, the market remains relatively weak, with bears still in control.