An unknown whale transferred 1000 Bitcoin worth $47M to Binance – A few hours ago, an unknown whale has transferred his 1,000 Bitcoin (BTC) to the Binance exchange. According to whale alert, the transaction was made on August 16, 2021, at 03:24 UTC.
The transfer came from an unknown owner with multiple addresses and was sent to the Binance exchange address.
Based on the transaction summary, the transaction currently has 17 confirmations on the Bitcoin network. At the time of this transaction, 1,127.23551786 BTC was sent with a value of $54,059,900.97. The current value of this transaction is now $53,532,347.11.
Of note, the term ‘whale’ refers to an investor with deep pockets who can move the market by buying or selling in large volumes. Given the relatively modest market caps of crypto assets compared to other sectors, the movements of crypto whales can provide important price signals to alert investors.
With that said, a transaction of over $47 million worth of bitcoin in one go may drive the price down. As whales hold large amounts of coins, they become powerful enough to manipulate the valuation and cause price volatility.
Consequently, whale watchers fear that the market may correct anytime soon in anticipation of a possible sell trade. At the time of writing, Bitcoin is trading at 47,270.49 USD with a 24-hour trading volume of $33,697,506,321 and it is up by 1.84% in the last 24 hours.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.