Here’s The Bitcoin Whale Who Dumped $1 Billion In BTC On Binance
April 18 2024 - 9:00AM
NEWSBTC
Bitcoin has seen its price suffer from the tremendous selling
pressure that has filled the market over the last few weeks.
However, as investors hope for relief, it seems that the sellers
are far from done, with one notable Bitcoin sell transaction in
particular sending the market into a frenzy. Whale Dumps $1 Billion
Worth Of Bitcoin Whale tracker Whale Alert took to X (formerly
Twitter) to inform the crypto community of a large Bitcoin
transaction that was participating in the sell-off. The transaction
was carrying a total of 16,276 BTC which was worth around $1
billion at the time that the transaction was carried out. Related
Reading: XRP Whales Are On The Move Again, But Are They Bullish Or
Bearish? While large transactions are not out of the ordinary,
their destination is often the determinant of whether it is a
bearish or bullish transaction. In cases where the coins are headed
away from centralized exchanges and into personal wallets, it can
be bullish because this often means that the investors are
consolidating their coins into personal private storage and don’t
plan on selling. However, in cases where coins are being
transferred to centralized exchanges, it can be very bearish since
it often means that investors are looking to sell their coins. This
was the case with the $1 billion Bitcoin transaction, as the 16,276
BTC were transferred to the Binance exchange. Naturally, the
transaction caused a stir among investors who contemplated the
impact that such a large sell-off could have on the price of the
cryptocurrency. However, the origin of the transaction would be
revealed soon after, and prices would stabilize as a result.
Binance Says 16,276 BTC Transaction Was SAFU Fund Conversion In the
early hours of Thursday, Binance, the largest crypto exchange in
the world, took responsibility for the 16,276 BTC transaction that
was sent to the exchange. The funds were reportedly from its
emergency insurance fund known as the Secure Asset Fund for Users
(SAFU) fund. Related Reading: Crypto Analyst Says Don’t Buy
Altcoins Just Yet – Here’s Why According to the announcement, the
exchange is converting this insurance fund into stable coins to
avoid fluctuations in price associated with Bitcoin. Binance
explains that it maintains the balance of this fund at $1 billion,
which represents an ample level that is enough to safeguard user
funds on the exchange. As to why the exchange chose USDC as its
stablecoin of choice, it said, “Making use of a trusted, audited,
and transparent stablecoin for SAFU further enhances its
reliability and ensures it remains stable at $1B.” The Bitcoin has
since been converted to USDC, and the SAFU wallet maintains a
balance of 1 billion USDC. BTC price stages another recovery |
Source: BTCUSD on Tradingview.com Featured image from Bitcoin News,
chart from Tradingview.com
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