A well-known Chinese cryptocurrency whale transferred a large amount of Bitcoin to Binance today. A few days ago, an Ethereum transfer also occurred.
According to the latest onchain data shared by the cryptocurrency analytics platform Arkham, a Bitcoin transfer worth $760 million was made from a cryptocurrency address believed to be linked to Chinese crypto whale Garrett Jin to Binance.
While it’s impossible to know what happens to these assets after the transfer to the exchange, transfers from cold wallet addresses to cryptocurrency exchanges are usually for selling purposes.
The crypto whale in question had transferred approximately half a billion dollars worth of Ethereum to the Binance exchange six days ago.
This crypto whale, who has accumulated a total of $7 billion in Bitcoin and Ethereum so far, has sparked questions about whether Garrett Jin has started cashing out his assets after all these years, following his recent transactions.
Current onchain data reveals that Garrett Jin is linked to cryptocurrency wallets containing assets worth $2.2 billion. Of this amount, $1.09 billion is held in ETH and $640 million in BTC.
In addition, there is a notable amount of ETH staked, worth $518 million.
