According to a short-lived development, a huge Bitcoin (BTC) his wallet came back to life today and cryptocurrency exchange sent 3,336 BTC worth approximately $69.2 million to Binance.
This move has resonated in the crypto community as it marks one of the largest single Bitcoin transfers in recent times.
Giant Whale Could Lose Nearly $120 Million If It Sells Its Bitcoin (BTC) Assets
The address “bc1qrh” transferred 3,336 Bitcoins to his wallet in 2021, when the total value of these coins was approximately $189 million. However, under current market conditions, if the whale in question decides to sell its BTC, it will incur a loss of around $120 million. This loss is a significant amount and raises questions about the motives behind this big transfer.
The identity of the wallet owner, popularly known as the “whale” in the crypto community, is unknown. However, the timing of this transfer has attracted interest as it happened at a time when the cryptocurrency market was experiencing a lot of volatility.
This transfer can have many meanings. The whale may be looking to buy more coins at a lower price or diversify their portfolio by selling the coins in question. However, sending these coins to the stock market does not necessarily mean that they will be sold.
Overall, this large transfer of Bitcoin to Binance highlights the ongoing volatility in the crypto market.
*Not investment advice.
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