$51mln Worth Bitcoin Transferred from Gemini to Binance
An unnamed Bitcoin whale recently moved $51,601,542 in Bitcoin (1338 bitcoins) from Gemini to a private investor, who subsequently forwarded the cryptoss to Binance. In search of liquidity, holders of large quantities of Bitcoin, also referred to as “Whales” (investors with $10 million or higher in BTC), usually move the numero uno digital asset between cryptocurrency exchanges.
The value of Bitcoin would plummet if a large investor sold their entire Bitcoin holdings at once on a single exchange. That is, the trader would dramatically push the value of Bitcoin on that cryptocurrency exchange.
Alternatively, the whale might spread the assets among many exchanges to ensure enough liquidity. After all course, we have no way of knowing whether or if this wallet holding Bitcoin is commencing the transaction to eventually liquidate holdings. It is purely anyone’s guess. Additional rationale for transfer of Bitcoin between exchanges is for safety purposes.