Bitcoin Whale Moves $424 Million in BTC to Binance
According to Onchain Lens, a Bitcoin insider whale moved over $760M in BTC to Binance, sold most holdings, and prompted massive stablecoin withdrawals, leaving $296M in BTC on the exchange.
BTC
USDT
Summary
Onchain Lens reports that the '1011 insider whale' transferred 11,318 BTC, valued at $760.61 million, to Binance before selling about 60% of its holdings. The sale coincided with seven new wallets withdrawing $464.48 million in USDT from Binance. Approximately $296 million in BTC remains on the exchange following these transactions.
Terms & Concepts
- Bitcoin Whale: An individual or entity holding a large amount of Bitcoin, capable of influencing market prices through significant transactions.
- Binance: A major global cryptocurrency exchange offering trading, staking, and other digital asset services.
- USDT: Tether, a widely used stablecoin pegged to the US dollar, often used for trading and liquidity in cryptocurrency markets.