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Bitcoin Whale Accumulates Over 1,000 BTC Following $60,000 Breakthrough
After the purchase, the Whale had a total of 10,043 BTC in his account, worth $603. The whale's action can be understood from the...
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Ayanfe Fakunle
Recently, a Bitcoin Whale bought 1,062 BTC, which is equivalent to $63.96 in the first 25 minutes of Bitcoin reaching the $60,000 mark.
After the purchase, the Whale had a total of 10,043 BTC in his account, worth $603. The whale’s action can be understood from the number of blockchain transactions, and the whale has been seen accumulating more Bitcoins.
The transactions come from a Binance Hot Wallet and are later sent to multiple wallet addresses, which shows that the operation is well coordinated in transferring and distributing funds.
Ongoing Large-Scale Transactions
The whale’s recent purchase is in line with other large-scale Bitcoin transactions identified in the past few months. Other activities include the most recent one, which was the transfer of 1,062 BTC and transactions of 300 to 3,000 BTC.
Source: LookOnChain
These constant transfers show that there is active management of funds, which may be issues of liquidity, improvement of securities, or even reallocation of the internal resources within the structure of Binance.
The trend analysis shows that a significant number of transactions and payments have been made to a single wallet address, suggesting a specific plan concerning the accumulation or dispersion of Bitcoin.
Studying this schedule of their activity only enhances the understanding of Binance as a platform that follows the principles of large-scale operations with cryptocurrencies, which proves the exchange’s importance in the global Bitcoin market.
As per the LookOnChain analytics platform on 12 Sep, this whale had withdrawn 300 BTC, nearly $17.41 million, from Binance only 4 hours ago. This withdrawal, among the series’ large transactions, indicates that the whale has been actively manipulating the bitcoins.
Based on the latest report from LookOnChain, this fund transfer is also similar to other large fund transfers between the Binance hot wallet and other addresses, indicating that Binance is still actively maintaining huge amounts of Bitcoin.
A more detailed analysis of the presented whale’s activity shows that this address produced a number of large stable purchases for the last few months with figures up to 800, 1,000, and 3,000 BTC, respectively.
Source: LookOnChain
These transactions for which the label ‘Binance Deposit’ is often used seemingly represent an internal transfer of funds within the Binance, possibly to maintain liquidity or secure assets.
However, what cannot be overlooked is that this whale has been buying his bitcoins at certain price levels and selling them at other price levels and has been at a loss of over $40 million in the last three months.
As noted, the whale’s trading address was 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN, which is still the primary location to monitor big transactions in the Bitcoin market.
Bitcoin’s Recent Price Movements
The price of Bitcoin has been fluctuating in the last day, and it dropped below $58,000 at some point in time, and then it came back.
Source: CoinMarketCap
From 6:00 PM, the price commenced changing, and the lowest price recorded was $60,000. Then, it was reduced to $59,500 and did not change after that. This recent price action depicts that the market is bullish, which can be evidenced by the fact that the price of Bitcoin has been hovering around $9,000, even with the high volatility observed in the market.
Ayanfe Fakunle is an expert content writer, journalist, and editor at the intersection of crypto, finance, and web3. His mission is to make crypto accessible, engaging, and exciting for everyone.
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