A whale or a large fund made a notable move in the cryptocurrency market by depositing 5,000 Ethereum to the Binance exchange. This $10 million transaction caused fluctuations in the market. Let’s examine the crypto player’s recent activities and the series of strategic moves that impacted both Binance and HTX (Huobi).
According to Lookonchain data, the whale signaled its strategic play in the crypto environment by transferring 5,000 ETH to Binance approximately 1.5 hours ago. To fully understand the scope of this move, we need to revisit a series of transactions that took place between October 30 and November 12, 2020. The periods when the whale bought and sold are shown in the table below.
During this period, the same whale withdrew 39,257 ETH from HTX (Huobi), which was valued at $16,870,000 at the time. This withdrawal set the stage for subsequent maneuvers that would have significant impacts on the crypto ecosystem.
The whale also withdrew 28,010 Ethereum from Binance between September 23 and 28, 2022, when the value of each Ethereum was $1,324. The whale’s current total holdings amount to 35,000 ETH, valued at $70.4 million.
After the withdrawal, the whale deposited a total of 29,257 ETH to Binance and HTX at two different times between April 20, 2021, and August 29, 2022, costing $47.7 million at the time of the transactions. These moves allowed the whale to realize a profit of approximately $35 million.
This series of transactions demonstrates the whale’s strategic skill in capitalizing on market fluctuations and securing significant gains. The decision to deposit funds to Binance and HTX highlights a diversified approach that carries the potential to minimize risks and maximize returns in the dynamic crypto environment.