Whale sells 188.2 WBTC on Binance for $10.93M profit
According to Yujin’s monitoring, a crypto whale transferred 188.2 WBTC to Binance over two days, netting a $10.93 million profit. The whale originally withdrew these tokens in April 2021 at about $56,420 each, with a total cost of roughly $10.61 million. Recent re-deposits averaged $114,498 per WBTC, valuing the total at approximately $21.55 million. The final transfer occurred 20 minutes before the report. This large-scale WBTC movement highlights continued whale activity in tokenized bitcoin markets and could signal increased selling pressure.
Bearish
The whale’s significant profit-taking by selling 188.2 WBTC on Binance suggests increased supply hitting the market, as large holders realize gains. Historically, large-scale whale sell-offs can trigger downward pressure on tokenized bitcoin prices, leading to short-term pullbacks. This move may prompt other traders to sell, exacerbating volatility. Over the long term, however, such profit-taking events may have a muted impact if overall demand for WBTC remains strong and if whales redeploy capital later. Traders should watch on-chain flows and exchange reserves to gauge ongoing market sentiment.