Major Bitcoin withdrawal alert! A new whale just pulled out 550 BTC worth $38.68M from Binance. Their average entry price is $70,327. This could be a sign of a long-term holder cashing out. What does this mean for the market?

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This could be a bearish signal, as it may increase selling pressure and potentially trigger a short-term correction. However, it's essential to consider the whale's long-term holding period, which could indicate a strategic tax optimization play rather than a market sentiment shift.