• Unknown investor deposits $16 million worth of stablecoins into Binance.
• Lookonchain tracks whale making three savvy trades, including selling Ethereum at a local top.
• Lookonchain also spots whale withdrawing seven figures worth of Chainlink from Kraken and Jump Trading accumulating various altcoins.
Smart Whale Deposits $16 Million in USDC
An unknown investor with a history of savvy trades has deposited $16 million worth of stablecoins into Binance, potentially to purchase more crypto assets. First spotted by blockchain-tracking firm Lookonchain, the whale has already made three extremely clutch trades in the past.
Clutch Trades Include Selling Ethereum at Local Top
The whale dumped 34,000 ETH ($65.4 million) when the price was $1,930 and exchanged USDC for ETH before it lost its dollar peg and withdrew all funds from crypto exchange FTX right before the bankrupt centralized platform suspended user withdrawals.
Whale Withdraws Seven Figures Worth of Chainlink From Kraken
Lookonchain also spotted a whale withdrawing seven figures worth of the decentralized oracle network Chainlink (LINK) from the exchange Kraken, adding to its $9.67 million LINK withdrawal streak.
Jump Trading Accumulates Altcoins
Blockchain tracker Lookonchain also identified four altcoins being accumulated by crypto trading firm Jump Trading – Lido DAO (LDO), Mask Network (MASK), Perpetual Protocol (PERP) and LeverFi (LEVER). Jump Trading currently holds 1.59 million MASK ($6.15million); 1.09 million LDO ($2.11million); 509 million LEVER ($686K); 1.07 million PERP ($545K).
Conclusion
The smart whale continues to make savvy moves in the markets as they deposit millions into Binance while other whales are actively withdrawing large sums of crypto assets from exchanges like Kraken and accumulating altcoins like MASK, LDO, LEVER and PERP . It remains unclear what this smart whale’s next move will be as they hold onto their dry powder on Binance but there is no doubt that they will continue to make strategic investments accordingly as long as their track record remains intact!