Mega Whale Withdraws $53 Million Worth of Bitcoin from Binance

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Based on data from analytics site Lookonchain, approximately $53 million in Bitcoins were taken out of Binance by a large investor within the last five hours.

Between March 15 and March 15, this specific whale disposed of approximately $302 million in Bitcoin sales.

Smart money accumulating Bitcoin? 

Some individuals on social media began discussing the notion that major investment firms could soon join the Bitcoin market after regulatory approvals for various Bitcoin Exchange-Traded Funds (ETFs).

Last week, there was a significant shift in the pattern of whale investments. Instead of buying more tokens to grow their collections, they chose to spread out their existing holdings.

Bitcoin’s market direction has significantly been influenced by the actions of its large-scale investors, referred to as “whales.” Due to their substantial impact, the cryptocurrency community keeps a keen eye on their moves. By the close of 2023, these whales held nearly 40% of Bitcoin’s entire stockpile, illustrating their significant clout within the market.

Bitcoin’s recent recovery 

Today, Bitcoin, the biggest cryptocurrency, is being traded at a price of $66,273, following its peak of $66,504 in intraday transactions on this Monday.

Although some experts believed that the Bitcoin halving would lead to a drop in price, its behavior in the market has been quite robust instead.

Other Binance-related transfers 

This afternoon, Whale Alert reported two significant Tether (USDT) transfers worth around 123 million in total, which ended up at Binance.

According to U.Today’s latest update, approximately $14 million in XRP were moved to a yet-to-be-identified digital wallet today.

Despite large transactions by whales in the last 24 hours, all major meme coins continue to show gains.

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2024-04-22 19:53