A wealthy investor known as a crypto whale has begun transferring massive amounts of Bitcoin (BTC) to Binance, the world’s largest cryptocurrency exchange. Data from market intelligence firm Lookonchain reveals that this deep-pocketed investor initiated the transfers on June 27th and has continued to move hundreds of millions of dollars’ worth of Bitcoin to Binance. As of July 8th, the total value of Bitcoin transferred to the exchange by the whale exceeds $468 million.
On July 8th, the whale deposited an additional 809 BTC ($45.18 million) to Binance, bringing the total amount transferred since June 27th to 7,790 BTC ($468 million). Currently, the whale holds 6,559 BTC ($379 million) on the exchange.
In addition to the crypto whale’s activities, Lookonchain reports that the German government is also moving significant amounts of Bitcoin to crypto exchanges. On July 8th, the German government transferred 1,000 BTC ($55.8 million) out of its holdings, with 500 BTC ($27.9 million) being deposited to Coinbase and Bitstamp.
The German government’s movement of Bitcoin to exchanges began in June. These Bitcoin holdings were seized by German authorities during an investigation into Movie2k.to, an illegal streaming site that operated from 2008 to May 2013. The site was accused of distributing over 880,000 pirated films. The Dresden Public Prosecutor’s Office revealed that the operators of the site used the proceeds from their illegal activities to purchase Bitcoin. At the time, the police confiscated approximately 50,000 BTC, valued at $2.17 billion.
As of now, the price of Bitcoin stands at $55,905, representing an 11% decline in the past week.
Please note that The Daily Hodl is not providing investment advice, and investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are made at the individual’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it act as an investment advisor.
