Key Takeaways:
- A whale withdrew 60.87M WLFI worth $3.55M from Binance over two days
- Exchange netflows turned negative, reducing available supply for sale
- WLFI held above $0.0568 support with improving technical indicators
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WLFI whale buys 60.87M tokens as exchange supply tightens
A newly identified whale withdrew 60.87 million World Liberty Financial tokens worth $3.55 million from Binance over two days, the largest individual accumulation event for the altcoin in recent weeks.
The address 0x56c7224bbDbD48E1b25f2C344708D590D6B379B7 executed four separate withdrawals averaging 15.2 million tokens each at a mean price of $0.05845, according to on-chain data from Etherscan. The accumulation removed a meaningful chunk of circulating supply from exchange wallets, reducing the quantity available for immediate sale.
"Large withdrawals from exchanges often signal conviction among sophisticated participants, especially when they occur near historically depressed price levels," on-chain analyst EmberCN said on X.
WLFI's exchange netflows reinforced the accumulation narrative. The token recorded a daily net outflow of $122,050 as of June 1, with the metric remaining negative across recent weeks, per Coinglass data. Traders have continued moving tokens into private wallets rather than leaving them positioned for sale.
WLFI traded at $0.0591 as of 11:00 UTC on June 1, holding above the key $0.0568 support level that has contained selling pressure since mid-May. The first major resistance sits at $0.0758, with the psychologically important $0.10 level representing a larger recovery target. On the four-hour chart, the relative strength index climbed to 57.33 after recovering from oversold territory, while the moving average convergence divergence registered a bullish golden cross, signaling improving momentum. Both the 50-period and 200-period exponential moving averages converged at $0.06, forming a structural support zone.
Derivatives data pointed to cautious optimism among leveraged traders. WLFI's open-interest-weighted funding rate remained positive at 0.0058%, indicating that long-position holders continued paying a premium to maintain exposure, according to Coinglass. The reading has stayed consistently positive in recent weeks, contrasting with earlier periods that showed sharp swings between bullish and bearish positioning.
The convergence of whale accumulation, negative exchange netflows, improving technical indicators and positive funding rates suggests selling pressure has continued to ease. If support at $0.0568 holds, WLFI could attempt a move toward $0.0758, though reclaiming higher resistance levels remains necessary before a broader trend reversal gains credibility.
This article is for informational purposes only and does not constitute investment advice.
