After Bitcoin surged past the $70,000 mark following a recent recovery, Garrett Jin, a prominent Chinese crypto whale, executed a significant transaction.
Once the price of $BTC reached $70,000, Jin moved an enormous 5,000 Bitcoins—valued at approximately $348.82 million—to the Binance exchange. Although it cannot be confirmed that this transfer was intended for selling due to the opaque nature of centralized exchanges, on-chain data offers compelling indications supporting this assumption.
Shortly after sending Bitcoin to Binance, Jin’s associated wallet withdrew USDT stablecoins worth about $53.12 million from a Binance deposit address back into its own cold storage. This activity coincided with Bitcoin’s price dipping below $70,000 again and suggests that the whale likely liquidated part of their holdings.
Despite these movements, Garrett Jin still retains an impressive stash of 30,000 Bitcoins valued at roughly $2.09 billion.
Please note: This content does not constitute financial advice.