Garrett Jing, a well-known whale of the Chinese market, has made a notable move as Bitcoin rebounds from its recent sell-off, pushing its price above $70,000.
immediately $BTC The price reached $70,000, and Jin transferred a huge amount of $5,000. $BTCa staggering $348.82 million worth was sent to crypto exchange Binance. This transfer, presumably for sale purposes, could not be conclusively proven as no centralized exchange could verify this, but subsequent on-chain data provided some strong clues.
After transferring 5,000 Bitcoins to Binance, a cryptocurrency wallet linked to Garrett Jin withdrew $53.12 million worth of USDT stablecoins from a Binance deposit address to its own cold wallet. Considering that this withdrawal caused $BTC When the price fell below $70,000 again, whales likely sold their holdings.
However, the Chinese crypto giant still holds 30,000 Bitcoins worth $2.09 billion.
*This is not investment advice.
