It was revealed that she deposited $ 140 million worth of Bitcoin (BTC) to Binance before the big drop the previous day.
The cryptocurrency market is awaiting approval of the Bitcoin Spot ETF. All eyes are on the SEC’s decision next week. Optimistic expectations are increasing with the Bitcoin Spot ETF being on the crypto agenda. Many crypto investors have focused on altcoins that they believe have upside potential.
Rising expectations for the cryptocurrency market were shaped according to the previous day’s transactions. Matrixport’s announcement that the SEC would reject the Bitcoin Spot ETF led to liquidations of over $650 million within minutes. Lookonchain recently wrote an interesting article about the decline of the cryptocurrency market.
Transferred Large BTC to Binance, Crypto Market Crashed Hours Later!
On-chain data platform Lookonchain has written a new article about the recent collapse of the cryptocurrency market due to the Matrixport port effect.
Lookonchain announced that a whale wallet on the X platform transferred 3,100 BTC worth $140 million to Binance. The timing of this seemingly normal process attracted attention. Whale transferred 3,100 BTC to Binance hours before the cryptocurrency market crashed.
The whale’s movements were related to the functioning of the Matrix Port. Many crypto investors claimed that whales received inside information and traded based on this information.
Lookonchain confirmed that the whale wallet in question withdrew 3,100 BTC from the HTX exchange on October 6, 2022. Lookonchain stated that BTC was at $20,000 when the whale withdrew 3,100 BTC from HTX. According to on-chain data, BTC held by whales generated a 126% return. Whale earned $78 million from this BTC.
It is not clear whether the whale sold his large amount of BTC after transferring it to Binance. But what was notable was that the cryptocurrency market dropped sharply after the whale transfer.
