Bitcoin Whale Makes $140 Million, Shockingly Escapes Latest Crypto Market Meltdown

A Bitcoin (BTC) whale outsmarted the bearish slump the market recorded in the past 24 hours after registering a transaction that appears like a liquidation.

According to data from crypto analytics provider Lookonchain, the whale deposited 3,100 Bitcoin units worth approximately $140 million to Binance yesterday before the market crashed.

Per an earlier report, the crypto market suffered a massive plunge, leading to more than $650 million in liquidations as unconfirmed reports that the United States Securities and Exchange Commission (SEC) may likely reject spot Bitcoin ETF applications against many people’s hopes. With this subtle maneuvering, this whale avoided the crash, leading to some speculations in the community.

The Most Profitable Whale Dodge

The data insight from Lookonchain noted that the whale withdrew the 3,100 BTC from HTX (formerly Huobi Global) on October 6, 2022. With the market deep in the heat of the crypto winter at the time, the price of Bitcoin was $20,000, and the received sum was roughly pegged at $62,000,000.

We noticed that a whale deposited 3,100 $BTC($140M) to #Binance yesterday before the market crashed.

The 3,100 $BTC was withdrawn from #HTX on October 6, 2022, when the price was $20,000.

The profit is ~$78M (+126%)!https://t.co/P3SxXKMWiZ pic.twitter.com/hQ7HbR0NCv

— Lookonchain (@lookonchain) January 4, 2024

Despite the surge recorded, Bitcoin has started printing recoveries, with its price and market capitalization both jumping by 3.3% to $43,209.48 and $847,178,672,339, respectively. At the current market valuation, the 3,100 BTC stash is now worth $133,949,388, leaving a difference of $71,949,388 as of the time of writing.

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Per the Lookonchain data, the profit when the deposit was made came in at approximately $78 million, representing a 126% gain.

Community Reaction to the Whale Move

Commenting on the transaction, some community members on Crypto X believe the whale has some form of insider trading knowledge to have been able to estimate the exit timeline of the market accurately.

With some community members naming personalities who could be behind the whale action, one thing remains generally clear, and it is that regulators are watching. Signs of market manipulations are likely to compound the effort to get the first spot Bitcoin ETF approved by the SEC.