Bitcoin OG Deposits 500 BTC to Binance as BTC Price Tops $74,000

On-chain data tracker Lookonchain has identified an old Bitcoin whale that has stirred after eight months of inactivity and moved an enormous amount of BTC to the world’s largest crypto exchange, Binance.

$36.4 million in Bitcoin shoveled to Binance by crypto OG

Lookonchain shared a chart by Arkham Research, showing the details of a large recent Bitcoin transfer to Binance made by a Bitcoin OG after remaining inactive for approximately eight months. The old whale shoveled 500 coins to the world’s most popular crypto exchange. 

Arkham reveals that this whale bought around 950 BTC eight months ago, likely at around $100,000 per coin. Now, the whale has 450 Bitcoins left in his wallet. This move suggests that the whale has decided to take profit after the fresh Bitcoin price surge to the $74,000 level or that he is simply repositioning his Bitcoin holdings amid Bitcoin’s 28% price decline since the purchase.

Bitcoin outperforming stock market

Earlier this week, the world’s largest cryptocurrency demonstrated significant resilience, while the leading stock indexes, such as the Nasdaq and the S&P 500, flashed a substantial decline amid the current geopolitical situation in the Middle East.

Bitcoin remained at the $65,000 level, while the stocks went down, taking a big dent. By now, BTC has rebounded, briefly reaching the $74,000 level after soaring by 9.48% within a single day, showing a decoupling from stocks. At the time of this writing, Bitcoin is changing hands at $72,629 per coin as the hopes of resolving the aforementioned geopolitical conflict have become high. The stock market has followed suit, going back into the green zone.

Meanwhile, some of the large Bitcoin holders — BTC mining companies with assets of more than $8 billion worth of Bitcoin — have begun actively selling their crypto holdings, according to Chinese crypto journalist and insider Colin Wu.

As for Bitcoin treasury companies, they continue to accumulate BTC, increasing their long-term bet. In particular, Michael Saylor’s Strategy, the biggest among them, announced a large purchase of 3,015 BTC for approximately $204.1 million. The company now brags holding a total of 720,737 Bitcoin valued at $52,363,734,090.

In a tweet that followed the purchase, Saylor announced that he was himself buying more Bitcoin.