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  • Writer's pictureMichael Paulyn

Unknown Crypto Whale Moves $300 Million into BTC

Updated: Oct 29, 2023

Recently, an unknown crypto whale (someone with vast wealth in cryptocurrency) just moved $319,120,100 in Bitcoin, transferring the funds to an unknown wallet. This particular wallet received a total sum of 55,688 Bitcoin and currently has an entire worth of $482,863,640.

Ki Young, CryptoQuant CEO, sheds some light on this and states, "When fear hits the BTC market, whales are active in exchanges for various reasons. The uptick in June this year seems to have borrowed BTC to fill up collaterals for long positions if you see its heavy flows between spot and derivative exchanges."

It should be interesting to see what the next couple of months holds for cryptocurrency, with many major world events unfolding.

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