Bitcoin Whale Snaps Up 7,750 BTC on Binance, Cashes Out $26.4 Million
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A savvy cryptocurrency whale has managed to accumulate 1,750 Bitcoin ($BTC) from leading cryptocurrency trading platform Binance in just two days, in a move that came after they accumulated 6,000 BTC worth over $158.6 million between August and September.
According to popular on-chain analysis service Lookonchain, the cryptocurrency whae accumulated $76.9 million worth of the flagship cryptocurrency at $43,950 per coin, after accumulating $158.6 million of it at $26,444 per coin, meaning they bought significantly below current market value.
The whale then moved to deposit 3,000 BTC worth $105.7 million to Binance at $35,241 to make $26.4 million in profit.
Bitcoin is at the time of writing trading at $46,600 after surging by more than 170% over the last 12 months amid expectations a spot Bitcoin exchange-traded fund (ETF) could soon be launched in the United States.
Bitcoin ETF proponents believe that the fund could bring in institutional and retail investors looking to gain exposure to the flagship cryptocurrency without having to actually control the private keys to a cryptocurrency wallet or dig into how blockchain-based transactions work.
As reported, major r financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin ETf kicked off in the country.
At least least eight financial behemoths, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are “actively working to provide access to Bitcoin and more,” according to CoinShares CSO Meltem Demirors.
The $27 trillion figure, it’s important to point out, represents a grand total of assets under management across the aforementioned institutions, and only a minuscule fragment of this gargantuan sum is anticipated to be channeled into cryptocurrency investments.
Featured image via Unsplash.
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