Two wallets have deposited 9,500 BTC to Binance since June 27, potentially indicating whales liquidating nearly $550 million in cryptocurrency.

The wallets, first spotted by blockchain analytics firm Lookonchain, could represent whales cashing in on their bitcoin holdings, which are currently valued at $537 million. When the transfers began last week, the stash was worth closer to $575 million.

Lookonchain also analyzed the timing of transfers from each of the two wallets and found a correlation between the transfers to addresses tagged as Binance deposit wallets by Arkham Intelligence and subsequent declines in the price of bitcoin that were likely sparked by the large sales.

One wallet still holds over 4,300 bitcoin worth nearly $250 million at current prices. Its most recent …