Millions in Bitcoin Withdrawn After 1.96 Million AVAX Transferred to Exchanges: Zachxbt

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Onchain detective Zachxbt reported that an entity moved 1.96 million avalanche (AVAX) to various exchanges and subsequently withdrew millions in bitcoin (BTC) after the transaction. As of 8 a.m. EDT today, AVAX has declined almost 10% in the last 24 hours.

Zachxbt, a well-known onchain analyst, uncovered a substantial transfer of AVAX. The AVAX holder moved 1.96 million AVAX, valued at $54.2 million, to major exchanges including Coinbase, Binance, and Gate, and used Thorchain for bridging.

Zachxbt confirmed on Twitter that this transaction did not involve the Luna Foundation Guard, a key player in Terra’s ecosystem that previously amassed a significant amount of AVAX.

Currently, AVAX is down 8.6%, although it was 10% lower around.

#AVAX #Zachxbt #EthereumETF