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22/02/26 02:50 UTC-04

A major Chinese crypto company transferred $760 million worth of Bitcoin to Binance! Is a sell-off coming?

According to the latest blockchain data published by crypto analytics platform Arkham, a crypto address allegedly linked to major Chinese crypto magnate Garret Jin transferred $760 million worth of Bitcoin to Binance.

While it is impossible to predict what will happen to these assets after being moved to the exchange, transfers from cold wallets to crypto exchanges are typically made with the intention of selling.

The aforementioned crypto magnate also transferred approximately $500 million worth of Ethereum to Binance six days ago.

This major crypto company, which has accumulated a total of $7 billion in Bitcoin and Ethereum to date, has sparked questions after these recent transactions about whether Garret Jin has begun cashing out his assets after all these years.

Current blockchain data shows that Garret Jin is linked to crypto wallets holding assets worth $2.2 billion. Of this amount, $1.09 billion is held in $ETH, and $640 million is in BTC.

Additionally, a significant amount of $ETH worth $518 million is currently staked.

See also: "The crypto market has returned to November 2024 levels — all post-Trump election gains erased"

#Bitcoin (BTC) #Sell #Binance #China

Editor: Yulia Krasnaya
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