Bitcoin Whale Transfers More Than $468 Million in BTC to Binance
A significant Bitcoin whale has transferred more than $468 million worth of BTC to Binance, the leading cryptocurrency exchange by trading volume. Recent data from Lookonchain, a market intelligence firm, reveals that this deep-pocketed investor initiated the transfer on June 27th and has continued moving substantial amounts of Bitcoin to Binance.
As of July 8th, the whale has shifted over $468 million worth of Bitcoin to Binance. The latest transaction involved depositing 809 BTC ($45.18 million) to the exchange. Since June 27th, the whale has deposited a total of 7,790 BTC ($468 million) to Binance and currently holds 6,559 BTC ($379 million).
In a separate development, the German government has been observed transferring significant amounts of Bitcoin to various crypto exchanges. Lookonchain reported that on July 8th, the German government moved 1,000 BTC ($55.8 million), with 500 BTC ($27.9 million) being deposited into Coinbase and Bitstamp.
This movement of Bitcoin by the German government began in June and is linked to the seizure of BTC from individuals associated with Movie2k.to, an illegal streaming platform that distributed over 880,000 pirated films between 2008 and 2013. The Dresden Public Prosecutor’s Office disclosed that the operators of the site used proceeds from their illicit activities to purchase Bitcoin, resulting in the confiscation of nearly 50,000 BTC valued at $2.17 billion at the time.
As of the time of writing, Bitcoin is trading at $55,905, reflecting a decline of more than 11% over the past seven days. The cryptocurrency market continues to witness significant movements and regulatory actions that impact the digital asset landscape.
The ongoing transfers of large sums of Bitcoin by both private investors and governmental entities highlight the dynamic nature of the cryptocurrency market. These transactions underscore the importance of monitoring whale activities and regulatory developments to understand the evolving crypto ecosystem.
