{"id":603850,"date":"2024-04-18T13:00:32","date_gmt":"2024-04-18T13:00:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=603850"},"modified":"2024-06-11T06:59:11","modified_gmt":"2024-06-11T06:59:11","slug":"bitcoin-whale-1-billion-binance","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-whale-1-billion-binance\/","title":{"rendered":"Here’s The Bitcoin Whale Who Dumped $1 Billion In BTC On Binance"},"content":{"rendered":"

Bitcoin has seen its price suffer from the tremendous selling pressure<\/a> that has filled the market over the last few weeks. However, as investors hope for relief, it seems that the sellers are far from done, with one notable Bitcoin sell transaction in particular sending the market into a frenzy.<\/p>\n

Whale Dumps $1 Billion Worth Of Bitcoin<\/h2>\n

Whale tracker Whale Alert took to X (formerly Twitter) to inform<\/a> the crypto community of a large Bitcoin transaction that was participating in the sell-off. The transaction was carrying a total of 16,276 BTC<\/a> which was worth around $1 billion at the time that the transaction was carried out.<\/p>\n

Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish?<\/a><\/div>\n

While large transactions are not out of the ordinary, their destination is often the determinant of whether it is a bearish or bullish transaction. In cases where the coins are headed away from centralized exchanges and into personal wallets, it can be bullish because this often means that the investors are consolidating their coins into personal private storage and don\u2019t plan on selling.<\/p>\n

However, in cases where coins are being transferred to centralized exchanges, it can be very bearish since it often means that investors are looking to sell their coins. This was the case with the $1 billion Bitcoin transaction, as the 16,276 BTC<\/a> were transferred to the Binance exchange.<\/p>\n

Naturally, the transaction caused a stir among investors who contemplated the impact that such a large sell-off could have on the price of the cryptocurrency. However, the origin of the transaction would be revealed soon after, and prices would stabilize as a result.<\/p>\n

Binance Says 16,276 BTC Transaction Was SAFU Fund Conversion<\/h2>\n

In the early hours of Thursday, Binance, the largest crypto exchange in the world, took responsibility for the 16,276 BTC<\/a> transaction that was sent to the exchange. The funds were reportedly from its emergency insurance fund known as the Secure Asset Fund for Users (SAFU) fund.<\/p>\n

Related Reading: Crypto Analyst Says Don\u2019t Buy Altcoins Just Yet \u2013 Here\u2019s Why<\/a><\/div>\n

According to the announcement<\/a>, the exchange is converting this insurance fund into stable coins to avoid fluctuations in price associated with Bitcoin. Binance explains that it maintains the balance of this fund at $1 billion, which represents an ample level that is enough to safeguard user funds on the exchange.<\/p>\n

As to why the exchange chose USDC as its stablecoin of choice, it said, \u201cMaking use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1B.\u201d<\/p>\n

The Bitcoin has since been converted to USDC, and the SAFU wallet<\/a> maintains a balance of 1 billion USDC.<\/p>\n

\"Bitcoin<\/p>\n

BTC price stages another recovery | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Bitcoin News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has seen its price suffer from the tremendous selling pressure that has filled the market over the last few weeks. However, as investors hope for relief, it seems that the sellers are far from done, with one notable Bitcoin sell transaction in particular sending the market into a frenzy. Whale Dumps $1 Billion Worth Of Bitcoin Whale tracker Whale Alert took to X (formerly Twitter) to inform the crypto community of a large Bitcoin transaction that was participating in the sell-off. The transaction was carrying a total of 16,276 BTC which was worth around $1 billion at the time that the transaction was carried out. Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish? While large transactions are not out of the ordinary, their destination is often the determinant of whether it is a bearish or bullish transaction. In cases where the coins are headed away from centralized exchanges and into personal wallets, it can be bullish because this often means that the investors are consolidating their coins into personal private storage and don\u2019t plan on selling. However, in cases where coins are being transferred to centralized exchanges, it can be very bearish since it often means that investors are looking to sell their coins. This was the case with the $1 billion Bitcoin transaction, as the 16,276 BTC were transferred to the Binance exchange. Naturally, the transaction caused a stir among investors who contemplated the impact that such a large sell-off could have on the price of the cryptocurrency. However, the origin of the transaction would be revealed soon after, and prices would stabilize as a result. Binance Says 16,276 BTC Transaction Was SAFU Fund Conversion In the early hours of Thursday, Binance, the largest crypto exchange in the world, took responsibility for the 16,276 BTC transaction that was sent to the exchange. The funds were reportedly from its emergency insurance fund known as the Secure Asset Fund for Users (SAFU) fund. Related Reading: Crypto Analyst Says Don\u2019t Buy Altcoins Just Yet \u2013 Here\u2019s Why According to the announcement, the exchange is converting this insurance fund into stable coins to avoid fluctuations in price associated with Bitcoin. Binance explains that it maintains the balance of this fund at $1 billion, which represents an ample level that is enough to safeguard user funds on the exchange. As to why the exchange chose USDC as its stablecoin of choice, it said, \u201cMaking use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1B.\u201d The Bitcoin has since been converted to USDC, and the SAFU wallet maintains a balance of 1 billion USDC. BTC price stages another recovery | Source: BTCUSD on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":603860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-603850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nHere's The Bitcoin Whale Who Dumped $1 Billion In BTC On Binance<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen its price suffer from the tremendous selling pressure that has filled the market over the last few weeks.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here’s The Bitcoin Whale Who Dumped $1 Billion In BTC On Binance","url":"http:\/\/uniquehot.com\/news\/bitcoin-whale-1-billion-binance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-whale-1-billion-binance\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/Bitcoin-whale.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/Bitcoin-whale.jpeg?fit=300%2C168"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-04-18T13:00:32Z","datePublished":"2024-04-18T13:00:32Z","dateModified":"2024-06-11T06:59:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here’s The Bitcoin Whale Who Dumped $1 Billion In BTC On Binance\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-whale-1-billion-binance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-whale-1-billion-binance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin-whale.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin-whale.jpeg?fit=300%2C168\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-04-18T13:00:32Z\",\"datePublished\":\"2024-04-18T13:00:32Z\",\"dateModified\":\"2024-06-11T06:59:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/Bitcoin-whale.jpeg?fit=300%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/603850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=603850"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/603850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/603860"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=603850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=603850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=603850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}