A significant whale transaction emerged as a wallet linked to TechnoRevenant sold 492 XAUT worth $2.05 million and purchased 3,457 BNB at an average price of $595, according to Onchain Lens data. TechnoRevenant gained prominence for turning a $15 million early investment in World Liberty Financial (WLFI) into a position worth roughly $250 million and for making multi-million-dollar trades on Hyperliquid. This transaction suggests the investor viewed BNB as offering stronger upside potential than XAUT at current levels. CryptoQuant's Spot Average Order Size showed elevated whale-sized orders for seven consecutive days, indicating sustained participation from large traders despite recent weakness. Spot Taker CVD remained buyer-dominant alongside elevated order sizes, suggesting whales continued accumulating BNB even after the asset fell below $600.
Bitcoin and Ethereum recovered on Wednesday after the Senate advanced a war powers resolution that would pressure President Trump to end military operations in Iran, with the cryptocurrency market rising 0.6% despite remaining unable to climb back above $2.7 trillion. Bitcoin gained over 1% in the last 24 hours, trading at around $77,500 while Ethereum's price edged 0.8% higher to around $2,130. The recovery came after several days of pressure tied to rising U.S.-Iran tensions, surge in oil prices, elevated Treasury yields, and outflows from crypto exchange-traded funds. Ripple's XRP and Dogecoin lagged the recovery, with XRP trading around $1.37 and Dogecoin at $0.104.
BNB recovered from $570 to nearly $595 over recent sessions, showing signs of improving price strength. The Relative Strength Index (RSI) formed a bullish crossover and climbed to 44, suggesting that buying momentum was gradually returning. With RSI at 44 and its signal line near 42, sellers still appeared active, leaving traders focused on whether buyers could sustain momentum. Technical indicators continued favoring the downside with the Parabolic SAR staying above price, showing bearish pressure remained intact throughout the latest pullback. The MACD line at -14.21 remained below the signal line at -12.23, and both indicators stayed beneath the zero line, reflecting continued weakness.
Exchange balances continued shrinking with net outflows of approximately $2.04 million daily, indicating more BNB left exchanges than entered them. According to AMBCrypto, this trend typically reflects declining immediate selling pressure as traders moved tokens away from venues where selling could occur quickly. The persistent withdrawals signaled a preference for holding rather than actively distributing assets into the market. Spot Netflow offered a note of caution, rising to $3.2 million on June 22, signaling increased exchange deposits and potentially growing sell-side pressure. Resistance stood at $618.27, followed by $680, with buyers needing to successfully defend the demand zone to attempt recovery toward those levels.
Wintermute identified $76-78k as the critical support level for Bitcoin, warning that a break below $75k could open the low $70s range. SoSoValue data showed spot Bitcoin ETFs saw over $330 million in outflows on Tuesday, after seeing the highest level of redemptions since January. Spot Ethereum ETFs also continued to bleed, clocking more than $62 million in daily total net outflows. If whale demand remains strong, BNB could reclaim $600 and target $633, while if exchange deposits continue rising, the altcoin could revisit the $560 support zone. The inflation trade narrative has returned, with core consumer prices excluding food and energy rising 0.4% in April from the previous month, above Wall Street expectations of 0.3%.
