This withdrawal took place while Bitcoin continues to trade below the $70,000 price level. Despite Bitcoin’s recent price slump, data reveals that whales continue to stock up on the world’s largest cryptocurrency.
Blockchain data shows that this whale now holds a smashing 51,710 BTC in total, which is the equivalent of more than $3.5 billion.
The majority of the comments were bullish and encouraging: “Lessgoo,” “Keep scooping up $BTC on this dip let’s get it” and “This dude with a huge wallet won`t sell the next days. Seems to be a good sign.”
Someone even asked, “What tf is cooking.”
According to another on-chain data source on the X social media platform, Lookonchain, since Nov. 1, five large whales purchased 2,780 BTC (worth almost $200 million in fiat) cumulatively.
Per @Lookonchain’s tweet, 880 BTC was withdrawn from Binance – this is where all five purchases were made. This whale currently holds 1,381 Bitcoins worth $95.12 million. The second whale bought 615 Bitcoins, moving them to his private wallet. A total of 595 BTC was withdrawn from Binance by the third wallet on this list – that is, $41.38 million.
The fourth and the fifth whales bought 550 BTC (worth $38.68 million), and 140 BTC (valued at $9.48 million). One of those purchases was made while Bitcoin changed hands at $70,328. The rest of the BTC chunks were bought below it.
Experts believe that the strong volatility now is being caused by the deep level of uncertainty due to the upcoming U.S. elections.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
