A Bitcoin whale holding a staggering $597,550,000 has stirred from an eight-month slumber and sent a significant amount of its coins to Binance, the world’s largest cryptocurrency exchange.
Whale’s Activity
According to blockchain tracking firm Lookonchain, the whale transferred 2,000 BTC ($132.41 million) to a new wallet and subsequently deposited 1,100 BTC ($74.34 million) into Binance. Despite these transfers, the whale still holds 8,900 BTC, worth $597.55 million.
Grayscale’s Bitcoin Holdings
Lookonchain also reported that Grayscale, a crypto giant, sold $77.34 million worth of BTC on Friday. However, the company still holds a massive 326,859 BTC ($21.9 billion) to support its exchange-traded fund (ETF).
Institutional Capital Outflows
In the second week of March, Grayscale led the offloading of institutional capital from crypto products. The digital asset manager attributed this to market uncertainty, which made investors hesitant. Grayscale’s outflows alone exceeded $2 billion during that week.
Bitcoin Price
At the time of writing, Bitcoin is trading at $69,398.
