“Smart Whale” sells 636 Bitcoin (BTC) worth $23,460,000 as rumors of US government law enforcement action spread
On-chain data shows that one company sold over $23.4 million worth of Bitcoin (BTC) today, ahead of news that the US government is launching new enforcement actions against players in the industry.
An unknown Bitcoin address was discovered by on-chain analytics firm Lookonchain and dumped its entire stack of 636 BTC worth $23.46 million.
On the same day, the U.S. Securities and Exchange Commission (SEC) filed charges against crypto exchange Kraken for operating an unregistered platform and misusing customer funds, while reports circulated that the Justice Department and Binance were reaching a possible settlement on March 4 generate billions of US dollars.
Says Lookonchain,
“A smart whale dumped all 636 BTC ($23.46 million) before the US Department of Justice announced major cryptocurrency enforcement actions.
This whale earned over $40 million in BTC by buying low and selling high…
Bought 1,636 BTC ($27.77 million) for $16,970 from November 30, 2022 to December 17, 2022.
On March 8, 2023, 1,636 BTC ($44.28 million) was sold for $27,060, or about $16.5 million.
Bought 2,690 BTC ($74.6 million) for $27,754 from May 8 to August 21.
Sold 2,690 BTC ($98.7 million) for $36,726 on November 17th and 21st, which is about $24 million.”
Source: Lookonchain/X
At the time of writing, Bitcoin is trading at $37,002, sideways for most of the week.
Yesterday, Lookonchain speculated that institutional investors were in the process of accumulating their holdings of LDO, the native token for liquid stake platform Lido. The company discovered two wallets associated with institutional crypto services firms FalconX and Amber that withdrew LDO tokens from Binance on multiple occasions.
“It appears that institutions are accumulating LDO.
0x011D (related to Amber) withdrew 1.47 million LDO ($3.6 million) from Binance 4 hours ago, totaling 5.9 million LDO ($14.5 million) over the last 3 months corresponds.
“FalconX withdrew 1.26 million LDO ($3.1 million) from Binance 4 hours ago, bringing its total to 4.9 million LDO ($12 million) over the past week.”
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