Whale Withdraws $31.7M in $WBTC from Binance

A whale has made a significant move with Wrapped Bitcoin ($WBTC). According to data from Lookonchain, this large trader withdrew 494 $WBTC, worth $31.7 million, from Binance at an average price of $64,232. This transaction began on July 4 and has drawn attention in the crypto community.

A whale is long $WBTC!

He withdrew 494 $WBTC($31.7M) from #Binance at an average price of $64,232 and deposited it into #Aave since July 4.

Then borrowed 12M $USDT from #Aave and deposited it into #Binance to buy $WBTC.https://t.co/Bz932ic2FJ pic.twitter.com/qgHoqVDwbV

— Lookonchain (@lookonchain) July 26, 2024

Bullish Whale Borrows $12M USDT on Aave to Buy More $WBTC

After withdrawing the $WBTC, the whale deposited it into Aave. Aave is a popular decentralized finance (DeFi) platform. By doing so, they were able to borrow $12 million in Tether ($USDT) from Aave. After this, the whale deposited this borrowed $USDT back into Binance to buy more $WBTC.

This strategy shows that the whale is very bullish on $WBTC since they are using their own resources to buy more. So, by borrowing on Aave lending platform, the whale, in fact, increases their exposure to $WBTC expecting its price to rise.

Significant Whale Activity in $WBTC Signals Strong Market Conviction

Large purchases by whales are also known to affect the market significantly through affecting prices and trading activity. This action of this specific whale shows deep conviction towards $WBTC.

Ultimately, this move of whale, highlighted by the Lookonchain, indicates that people are willing to borrow in order to purchase more $WBTC and they also believe in the value of the cryptocurrency. Other traders and investors might follow such large transactions in the market as they observe these changes.