Binance Buys The Dip, Depositing Almost 43K Bitcoins In Its Wallet
Touchaheart Nigeria reports that during the downturn, bitcoin billionaires continue to pile. Bitcoin whales were busily stacking sats this morning as Bitcoin (BTC) filled the $42,000 December price wick.
On Tuesday, at an average price of $46,553.68, one Binance address added 43,000 BTC, boosting the wallet’s total value to $5.5 billion.
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In other news, the third-largest Bitcoin address continued its spending spree, adding another 551 BTC since Cointelegraph last reported it bought the dip just two days ago.
The wallet continues to aggressively accumulate in the $40 thousand range, amassing a total of 121,396 BTC, or roughly $5 billion.
There was some concern on social media platforms about the wallet owner behind the $43,000 BTC purchase, but Binance confirmed ownership of the address in a tweet sent out.
The intended use of wallet address “3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb” was for the company to issue a number of crypto-pegged tokens on Binance Chain, starting with BTCB, a BEP2 token pegged to BTC.
However, it appears that the wallet has evolved into a cold storage wallet for the world’s largest cryptocurrency exchange.
The wallet was labeled as the Binance BTC reserve wallet address again in a tweet by advanced blockchain tracker @whale alert in April last year.
Despite the fact that the wallet was used to deposit 13,001 BTC onto the Binance Smart Chain, the owner has never sold a single Satoshi. It has amassed a whopping 116,601.13647202 BTC since June 17, 2019.
At the time of writing, the wallet is worth approximately $4,982,770,577, or just under $5 billion. Talk about having diamond hands.