• An unknown investor deposited $16 million worth of stablecoins into Binance.
• The whale has previously made three savvy trades, including selling Ethereum at a local top and trading USDC for ETH before it lost its dollar peg.
• Lookonchain also spotted a whale withdrawing seven figures worth of the decentralized oracle network Chainlink from the crypto exchange Kraken.
Smart Whale Deposits $16 Million in USDC to Binance
An unknown investor with a history of savvy trades has deposited $16 million worth of stablecoins into the popular cryptocurrency exchange Binance, potentially looking to purchase more crypto assets.
Previous Trades by Smart Whale
The whale has already made three extremely clutch trades in the past, including selling Ethereum (ETH) at a local top, exchanging USDC for ETH before it lost its dollar peg and withdrawing all funds from crypto exchange FTX right before it suspended user withdrawals.
Whale Withdraws Seven Figures Worth of Chainlink
Lookonchain also spotted a whale withdrawing seven figures worth of the decentralized oracle network Chainlink (LINK) from the crypto exchange Kraken, adding to its $9.67 million LINK withdrawal streak.
Jump Trading Accumulating Altcoins
The blockchain tracker also identified four altcoins being accumulated by Jump Trading – Lido DAO (LDO), Mask Network (MASK), Perpetual Protocol (PERP) and LeverFi (LEVER). The company currently holds 1.59 million MASK ($6.15million); 1.09 million LDO ($2.11million); 509 million LEVER ($686K); and 1.07 million PERP ($545K).
Conclusion
It is still unclear what this smart whale did or plans to do with the $16 million now on Binance, but these series of events show that cryptocurrency markets are showing signs of strength despite recent volatility in prices.