Bitcoin Whales Amass 1,750 BTC in Strategic Binance Moves

A shrewd cryptocurrency investor has accumulated a staggering 1,750 Bitcoin (BTC) from the prominent trading platform Binance within two days. This follows their earlier success in accumulating a substantial 6,000 BTC, valued at over $158.6 million, during the period between August and September.

According to the insights provided by Lookonchain, a well-known on-chain analysis service, the cryptocurrency aficionado secured $76.9 million worth of Bitcoin at a rate of $43,950 per coin. This move stands out due to the acquisition of the cryptocurrency at a remarkably lower cost of $26,444 per coin. It showcases a keen ability to buy significantly below the prevailing market value.

The investor further demonstrated their prowess by depositing 3,000 BTC, equivalent to $105.7 million, into Binance at a rate of $35,241, resulting in an impressive profit of $26.4 million.

As of the latest update, Bitcoin’s price today is $46,144.56 USD, with a 24-hour trading volume of $38,299,442,312 USD. Bitcoin is down 1.37% in the last 24 hours. It has a circulating supply of 19,594,306 BTC coins and a max. Supply of 21,000,000 BTC coins. Growing expectations surrounding the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States contribute to this surge.

Source: Coinmarketcap

Enthusiasts of the Bitcoin ETF concept anticipate a broader influx of institutional and retail investors seeking exposure to the flagship cryptocurrency without the complexities associated with managing private keys or understanding blockchain transactions.

Financial Giants Allocate $27 Trillion To Bitcoin & Cryptocurrency

In the larger financial landscape, significant players are making strides into the realm of Bitcoin and cryptocurrency. Financial giants like BlackRock, Fidelity, JP Morgan, and others are actively working to facilitate access to Bitcoin and cryptocurrencies. This includes major players such as Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America.

CoinShares Chief Strategy Officer Meltem Demirors revealed that entities managing a staggering $27 trillion in assets are committed to exploring cryptocurrency. They are actively seeking opportunities to expand their involvement in the digital asset space.

It’s crucial to note that the $27 trillion figure represents the cumulative assets under management across these institutions, with only a fraction of this colossal sum expected to find its way into cryptocurrency investments. The cryptocurrency market continues to captivate the attention of strategic investors navigating opportunities within this rapidly evolving landscape.

Related Reading | Bitcoin ETF: Jay Clayton Predicts SEC Approval

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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