In the cryptocurrency space, investors are closely following the movements of whales, which are big investors. Most recently, a move towards Bitcoin (BTC), the largest cryptocurrency by market capitalization, has attracted attention. Here are the details…
Big Bitcoin transaction attracted attention
In the world of cryptocurrencies, any news about large transactions involving Bitcoin (BTC) can cause market excitement. Lookonchain, a blockchain analytics platform, reported today that a BTC whale transferred a large amount of Bitcoin to Binance. Whale recently moved 2,500 BTC worth approximately $62 million to Binance. This transaction caught the attention of many investors and traders as it indicated that the whale was planning to make a move in the market.
Address: https://t.co/1fHWMDJHbB
— Lookonchain (@lookonchain) March 15, 2023
The transfer was made with over 17,000 BTC from one of the largest Bitcoin addresses, “3Qrx7c1f2SmubFMJvKJnFW37YwacQmxDqq”. Although the owner of the address is unknown, it is estimated that it may belong to an institutional investor or a wealthy person. The interesting thing about this transfer is that the whale received a total of 15,762 BTC from two major cryptocurrency exchanges, Huobi and Binance, on three different occasions in the past.
Transactions took place on October 5, November 11, and December 1, 2022, with an average purchase price of $19,967. This means that if the whale decides to sell BTC at the current price of $24,862, it could make a profit of $12.24 million. According to Kriptokoin.com data, although BTC has increased by 10 percent in the last 7 days, it has decreased by 1.1 percent in the last 24 hours.
Will the whale sell?
The cryptocurrency market is known for its volatility, and any major transaction can have a significant impact on the Bitcoin price. Although it is difficult to predict how this transfer will affect the market, traders and investors are watching the situation closely. The transfer to Binance may also indicate that the whale plans to sell its 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 transfer of 2,500 BTC to Binance by a whale sparked interest and speculation in the cryptocurrency community. While the owner of the address is unknown, the transaction may indicate that the whale is planning to make a move in the market. As always, traders and investors should keep a close eye on the situation and keep abreast of changes in the market.
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