Dormant Bitcoin Whale Springs Back To Life With $74M Binance Deposit

A Bitcoin (CRYPTO: BTC) whale, dormant for the last eight months, transferred a huge sum of Bitcoin to Binance, the world’s largest cryptocurrency exchange.

What Happened: According to on-chain analytics firm Lookonchain, the whale shifted $74.3 million of Bitcoin to Binance while maintaining a staggering $597.55 million in reserves. 

“A whale that had been dormant for eight months transferred 2,000 BTC ($132.41 million) to a new wallet [on Thursday], then deposited 1,100 BTC ($74.34 million) into Binance. This whale currently holds 8,900 BTC ($597.55 million),” Lookonchain noted.

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Why It Matters:  Lookonchain also reported that Grayscale reduced its Bitcoin holdings by $77.34 million but continues to possess an extensive portfolio of nearly $22 billion in Bitcoin.

“Grayscale decreased 1,154 BTC (-$77.34 million) and currently holds 326,859 BTC ($21.9 billion),” stated the tracking firm.

At the same time, BlackRock increased its Bitcoin assets by 2,062 BTC, equivalent to $138.16 million. It now holds a total of 259,381 BTC, valued at $17.38 billion. 

Price Action:At the time of writing, BTC was trading at $69,807, up 0.10% in the last 24 hours, according to Benzinga Pro.

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