The Rise of Crypto Whales 🐋
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.
Whale Movements 🌊
- A whale that had been dormant for eight months transferred 2,000 BTC ($132.41 million) to a new wallet, then deposited 1,100 BTC ($74.34 million) into Binance.
- This whale currently holds 8,900 BTC ($597.55 million).
Grayscale and Whale Impact on the Market 📉
- 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).
- 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).
Institutional Offloading and Market Uncertainty 💼
- 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.
Current Market Snapshot 📊
- At the time of writing, Bitcoin is trading at $69,398.
Hot Take 🔥
Keep an eye on the movements of crypto whales, as they can have a significant impact on the market. Stay informed about institutional offloading and market uncertainty to make informed decisions about your crypto investments.
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