Recently, the cryptocurrency market has undergone significant changes, with two major Ethereum whales coordinating to accumulate over 8,000 ETH on exchanges like Binance, demonstrating institutional-level confidence. Meanwhile, as Bitcoin's dominance declines, Altcoins' deposits on Binance have surged, particularly with the Ethereum spot ETF recording 19 consecutive days of net inflows, driving a market landscape reshuffle.
Whales Strategically Accumulate Over 8,000 Ethereum
Two significant Ethereum holders substantially increased their positions, withdrawing over 8,000 ETH in coordinated transactions. Lookonchain data shows that a whale address (0xF436) moved 5,631 ETH (valued at $20.91 million) out of exchanges in the past six hours, potentially for SharpLinkGaming-related purposes.
Simultaneously, a newly created wallet (0x526D) withdrew 3,000 ETH (valued at $11.17 million) from Binance. These accumulation activities demonstrate strong institutional confidence, with both entities completing purchases in a short timeframe despite recent market volatility.
Altcoin Deposits Surge on Binance as Bitcoin Dominance Declines
July witnessed a dramatic shift in cryptocurrency market dynamics, with Altcoins staging a strong rebound while Bitcoin's dominance loosened. Driven by Bitcoin retesting historical highs, the total cryptocurrency market cap rose by 13.3%, but the real story unfolded in the Altcoin market.
Ethereum led the surge, with spot ETH ETF recording 19 consecutive days of net inflows, setting a record and causing ETH dominance to spike above 12%—reaching its highest level since the so-called "Trump rally". This move caused Bitcoin's dominance to drop 5.2% to 60.6%, while Altcoin dominance soared 10% to 39.2%, the most significant change since early 2021.
This rally was not limited to Ethereum; TOTAL3 (market cap excluding BTC and ETH) absorbed over $100 billion in capital inflows after Bitcoin hit a new historical high. However, some pullback occurred in recent weeks, with TOTAL3 decreasing by $20 billion after reaching a peak of $1.07 trillion.
Binance reported a significant surge in Altcoin deposits, exceeding 45,000, indicating increased trader interest in high-risk assets. As investors appear to be taking profits, Altcoins face mounting exchange pressure, with exchange capital inflows rising while Bitcoin's dominance remains stagnant below 63%.
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Binance Partners with Mastercard for Euro Crypto Instant Withdrawal - Global Expansion Imminent?
Binance introduces a new feature allowing European users to convert cryptocurrencies to fiat and transfer to Mastercard at near-instant speeds. The service, supported by Mastercard MOVE, is currently limited to Euro cards but may expand to other currencies with regulatory approval.
The integration of exchanges with traditional financial infrastructure reflects the trend of crypto platforms seeking seamless fiat withdrawal channels. Binance's Fiat Business Vice President Thomas Gregory emphasizes that this feature can simplify user experience and reduce dependence on bank intermediaries.
This development signals increasing institutional acceptance of crypto liquidity solutions. As the regulatory environment evolves, market observers will monitor the potential expansion of this service to other regions and currencies.
