Whale Transfers 2,500 Bitcoin (BTC) Worth $62M to Binance

• At a current price of $24,720, the profit margin is $11.88M if the asset is sold.
• Bitcoin is down 4.85% in the last 24 hours as per CMC.

During a massive Bitcoin price surge, crypto titans seem to have jumped into action with massive buying intentions. As US banking stocks plummeted on Monday due to the bankruptcy of Silicon Valley Bank and Signature Bank, investors were relieved to see a surge in the value of cryptocurrencies.

Even though the President of the United States made an effort to bolster public trust in the financial system, bank stocks continued to fall. This is despite the fact that US authorities have taken a number of emergency steps.

It’s interesting to note that many VC firms involved in the crypto industry relied on Signature Bank and Silicon Valley Bank as their preferred banking partners. As a result of Silicon Valley Bank’s demise, the stablecoin USDC lost its 1:1 value in US dollars, which had a significant effect on USDC issuer Circle.

Whales Capitalizing on Price Surge

While the BTC price trades around $24,700, Bitcoin whales are likely hoping to make the most of the present circumstances. There was a transfer of about 2,500 BTC from an unidentified wallet to the cryptocurrency exchange Binance, according to Whale Alert.

On October 5, November 11, and December 1, 2022, the whale got 15,762 $BTC from Huobi and Binance at an average receiving price of $19,967. At a current price of $24,720, the profit margin is $11.88M if the asset is sold.

According to CMC, the Bitcoin price today is $24,720.67 USD with a 24-hour trading volume of $47,802,206,437 USD. Moreover, Bitcoin is down 4.85% in the last 24 hours.