This whale made a $78 million profit by depositing 3.1k BTC into Binance before Bitcoin crashed to $40k

January 4, 2024 1:43 am | 2 minutes read

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A cryptocurrency whale has deposited a significant amount Bitcoin (CRYPTO: BTC) to cryptocurrency exchange Binance Hours before market crash, on-chain data shows.

What happened: According to on-chain data from Lookon chainJust before a noticeable market drop occurred on Wednesday, a whale transferred 3,100 BTC, worth about $140 million, to Binance.

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At the time of reporting, Lookonchain noted that the profit from this transaction would represent a profit of $78 million, an increase of 126%.

It is unclear whether the whale sold its stake.

On October 6, 2022, the same whale withdrew 3,100 BTC from the cryptocurrency exchange HTX. At the time of withdrawal, the price of Bitcoin was $20,000.

Read more: Dogecoin HODLERs beat Shiba Inu with 57% gains, IntoTheBlock data shows

Why it matters: The timing of this deposit has attracted attention given the recent drop in Bitcoin prices, which saw the cryptocurrency fall from $45,000 to $40,000 in a short period of time on Wednesday.

Market analysts have speculated on a number of potential catalysts for the crash, including a report from Markus Thielen of Matrixport. The report suggested that the SEC could reject spot Bitcoin ETF applications, contradicting previous predictions of approval and a subsequent surge to $50,000.

Price promotion: At the time of writing, BTC was trading at $43,161, down 4.61% on Wednesday, according to Benzinga Pro.

Read more: How much should you invest in Shiba Inu today for a $1 million payday when SHIB hits 1 cent?

“Start 2024 stronger with 3 hot stock ideas – practically free”

Are you ready for your chance at the next potential gains of 32%, 39% or 45% in today's market? You'll miss out on stock expert Gianni Di Poce's three latest stock ideas…ideas that could change your entire wealth-building journey. If you're ready to start 2024 stronger, with 12 hot stock ideas every month. REACT FAST.

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