In the crypto world, news of any significant Bitcoin (BTC)-related deal could shake the markets. Blockchain analysis platform Lookonchain reported today that a BTC whale transferred a large amount of Bitcoin to Binance. The whale transferred 2,500 BTC worth approximately $62 million to Binance 30 minutes ago.
The deal caught the attention of many investors and traders as it suggested that whales might be planning to do something in the market. The move was made from address 3Qrx7c1f2SmubFMJvKJnFW37YwacQmxDqq, one of the largest Bitcoin addresses containing over 17,000 BTC. The identity of the owner of the address remains unknown, but it is speculated that it may belong to an institutional investor or a high-net-worth individual.
What’s interesting about this transfer is that the whale has received a total of 15,762 BTC from two major cryptocurrency exchanges, Huobi and Binance, on three different occasions in the past. Transactions occurred on October 5, November 11, and December 1, 2022, with an average receipt price of $19,967. This means that if the whale decides to sell BTC at the current price of $24,862, he can make a profit of $12.24 million.
at: #bitcoin $400 million whale $bitcoin Transferred $62 million to #Binance @azcoinnews https://t.co/NzCjKA2AVW
— Kyptos (@azcoinnews) March 15, 2023
The cryptocurrency market is known for its volatility, and any large transaction can have a significant impact on the price of Bitcoin. While it’s difficult to predict how this shift will affect markets, traders and investors are watching the situation closely.
The transfer to Binance also indicates that the whale may be planning to sell his BTC on the exchange or use it for other purposes. Binance is one of the largest and most popular cryptocurrency exchanges in the world, with a daily spot trading volume of over $36 billion. It is also known for its high liquidity, making it an ideal platform for traders and investors to buy and sell cryptocurrencies.
The fact that the whale transferred 2,500 BTC to Binance sparked interest and speculation in the crypto community. The trade suggests that whales may be planning a move in the market. As always, traders and investors need to keep a close eye on the situation and keep an eye out for any changes in the market.
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according to Kyptos