Whale deposits 203 BTC into Binance for a $6.89M profit, driving attention to large-scale Bitcoin activity.
Bitcoin breaks $60K as whales seize profit opportunities, moving significant funds into Binance in recent trades.
Whale activity spikes as Bitcoin surges, with large transactions signaling market dynamics around the $60K price mark.
In a significant move, a whale that had been inactive for over a year made a major deposit of 203 Bitcoin (BTC) worth $12.18 million to Binance. The whale had acquired the Bitcoin at a price of $26,047 between March and August 2023, investing approximately $5.29 million.Â
This strategic transaction resulted in a profit of $6.89 million. These details have been confirmed through Lookonchain, highlighting the substantial financial gains made by the whale.
https://twitter.com/lookonchain/status/1834797083091779623 Large-Scale Whale Activity on Binance
The transaction involving 203 BTC is part of a broader pattern of whale activity in recent months. The whale is believed to control seven separate wallets and has a total of 10,043 BTC under management, worth approximately $603.84 million at the current rate.Â
This significant amount of Bitcoin provides a strong indication of the whaleâs influence on market movements. The recent deposit to Binance has triggered discussions about whether the whale is preparing to sell off assets or simply repositioning their holdings.Â
Additionally, this transfer followed the trend seen in earlier transactions from whales, further showcasing the consistent activity among large holders of Bitcoin as prices rose beyond $60,000.
Bitcoin Price Surpasses $60,000 Mark
Bitcoin's current price hovers at $60,386.85, representing a 4% increase within 24 hours. The 24-hour trading range fluctuated between $57,668.86 and $60,654.99, highlighting the coinâs volatility. This rise in value correlates with other notable whale movements, such as another investor buying 1,062 BTC, valued at $63.96 million, during Bitcoinâs rise above $60,000.Â
These large-scale acquisitions have enhanced market confidence, with several investors making strategic buys as Bitcoinâs value surged. The current total market cap stands at $1.19 trillion, reflecting the ongoing market interest in Bitcoin and its potential for further price appreciation.
Bitcoin Whale Sees $236 Million in Short-Term Gains
Lookonchain analysis revealed that another whale recently made $236 million in gains by transferring 205 BTC to Binance, taking advantage of Bitcoinâs breach of the $60,000 mark. These massive short-term profits reflect a growing trend among large holders to capitalize on Bitcoinâs price swings.Â
The repeated large transfers into exchanges like Binance signal an increase in whale activity. As Bitcoin whales continue to operate around key price levels, such as $60,000, the market remains dynamic, with each transaction potentially influencing future price movements.
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