As Soon As Bitcoin Hits $70000 a Billion-Dollar Chinese Whale Steps In and Makes a Massive Sale – What’s Going On?

A notable move came after Bitcoin’s rebirth from recent declines, which cost its price above $70,000, was the introduction of Garrett Jin, one of the most famous whales in the Chinese market.

Jin transferred a massive sum of 5,000 $BTC, or $348-$1, as soon as the $CTC price reached $70,000 and that amount was at its peak, to an estimated $148. To the Binance cryptocurrency exchange, 82 million, to . While this transfer, presumably for sale, could not be definitively proven as centralized exchanges can’t confirm this, subsequent onchain data provided some strong clues.

A bitcoin wallet based on Garrett Jin was $53 with the money removed. Since the 5,000 Bitcoin was transferred to Binance, 12 million worth of USDT stablecoin from a BinANCE deposit address into its own cold wallet is considered by many analysts as well as being sold for currency (USDT) in an attempt to secure their respective bitcoin. This withdrawal has lowered the $BTC price to below $70,000 again, so it’s likely that the whale sold its holdings.

However, the Chinese cryptocurrency giant still holds 30,000 Bitcoins worth $2.09 billion.

*This is not investment advice.

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