As Soon As Bitcoin Hits $70,000, a Billion-Dollar Chinese Whale Steps In and Makes a Massive Sale – What’s Going On?

Following Bitcoin’s rebound from recent declines, pushing its price above $70,000, Garrett Jin, a well-known whale in the market from China, made a noteworthy move.

As soon as the $BTC price touched $70,000, Jin transferred a massive amount of 5,000 $BTC, worth a staggering $348.82 million, to the Binance cryptocurrency exchange. This transfer, presumably for sale, couldn’t be definitively proven as centralized exchanges can’t verify this, but subsequent onchain data provided some strong clues.

Garrett Jin-linked cryptocurrency wallet withdrew $53.12 million worth of USDT stablecoin from a Binance deposit address to its own cold wallet, following a transfer of 5,000 Bitcoin to Binance. Given that this withdrawal caused the $BTC price to fall below $70,000 again, it’s likely the whale sold its holdings.

However, the Chinese cryptocurrency giant still holds 30,000 Bitcoins worth $2.09 billion.

*This is not investment advice.