Whale Holding $597,550,000 in Bitcoin Sends BTC to Binance After Being Dormant for Eight Months: Lookonchain

A Bitcoin whale with nearly $600 million in BTC has deposited a large amount of its coins to Binance, the largest crypto exchange in the world.

According to blockchain tracking firm Lookonchain, a whale that’s been dormant for the past eight months sent over $74.3 million in Bitcoin to Binance and still holds on to $597.55 million worth of BTC.

“A whale that had been dormant for eight months transferred 2,000 BTC ($132.41 million) to a new wallet [on Thursday], then deposited 1,100 BTC ($74.34 million) into Binance.

This whale currently holds 8,900 BTC ($597.55 million).”

Lookonchain also has its radar locked on crypto giant Grayscale. According to the firm, Grayscale shed $77.34 million worth of BTC on Friday but is still holding on to nearly $22 billion worth of Bitcoin to back its exchange-traded fund (ETF).

“Grayscale decreased 1,154 BTC (-$77.34 million) and currently holds 326,859 BTC ($21.9 billion).

BlackRock added 2,062 BTC (+$138.16 million) and currently holds 259,381 BTC ($17.38 billion).

Nine ETFs (Including Grayscale) added 3,417 BTC (+$229 million).”

In the second week of March, Grayscale also led the offloading of institutional capital from crypto products, according to CoinShares.

The digital asset manager said that market uncertainty made investors more hesitant, as evidenced by lower inflows into exchange-traded funds. Grayscale spearheaded the outflows with over $2 billion leaving its products during the week.

“We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw US $1.1 billion inflows, partially offsetting incumbent Grayscale’s significant $2 billion outflows…”

At time of writing, Bitcoin is trading at $69,398.

Generated Image: Midjourney