Recently, a Bitcoin whale has pocketed a significant amount after strategic withdrawals and deposits into Binance. As per Lookonchain, a popular on-chain analytics firm, the whale has gained $10.5 million, following a recent deposit of 119 $BTC (equaling almost $7.14M) to Binance to get profit. The analytics provider took to its official social media account to provide the details of the whale’s latest activity.
Bitcoin Whale Makes Strategic Withdrawals and Deposits to Binance, Pocketing $10.5M
Since the 1st of December last year, the whale has redeemed a cumulative 3,409 $BTC (valued at $195.4M) from Binance. The withdrawal accounted for an average per $BTC price of nearly $57,319. The respective token extractions denote the whale’s recent accumulation of Bitcoin at decreased prices. It also points out that the whale waiting for the fine moment to leverage price movements.
The Whale Still Holds $186 Million in $BTC
As a result of this huge withdrawal, the whale minimized exposure during likely price fluctuations. The whale held on to the respective assets while the market was seeing a higher trend. A more recent development shows that the whale still holds 3,089 $BTC with a value of approximately $186M. This highlights the reluctant yet strategic moves of the whale in the management of a large Bitcoin portfolio.
The whale effectively managed to get a profit of almost $10.5M with the respective transfers. This displays the significance of patience and timely moves in big-scale $BTC trading, where minor price movements across huge $BTC amounts can result in massive returns.
Source: https://blockchainreporter.net/bitcoin-whale-nets-10-5-million-profit-through-strategic-binance-moves/