Here’s The Bitcoin Whale Who Dumped $1 Billion In BTC On Binance

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	839,918,056	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

839,918,056

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.002	0.25%	0.795	0.793	0.794

Price Change

Price Change %

Current Price

Bid Price

Offer

0.002

0.25%

0.795

0.793

0.794

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.816	0.732	0.793	0.793	0.349000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.816

0.732

0.793

0.349000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:59:51	22.44	0.795	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:59:51

22.44

0.795

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,021,551.07	1,324,955.01	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,021,551.07

1,324,955.01

Here’s The Bitcoin Whale Who Dumped $1 Billion In BTC On Binance

18/04/2024 2:00pm

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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