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Whales withdraw US$132 million in Bitcoin from exchanges
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Donald Trump won the US presidency, also obtaining a decisive majority in the country’s Congress. And with this result, many investors gave up selling their Bitcoins (BTC) and started withdrawing them from exchanges.
Trump’s stance as a defender of BTC and cryptocurrencies contributed to this stance and caused investors to withdraw more than US$130 million from Binance. The withdrawals, according to data from Lookonchain, occurred on Tuesday (05), during the counting of votes in the election.
When Trump reached 267 delegates (three short of winning the election), a wave of optimism triggered an increase in the price of Bitcoin. Over the last night, the cryptocurrency reached US$75,000 and renewed its historic highs.
This occurred, as Lookonchain data points out, after investors started buying more BTC. In the last few hours, 11 new wallets with more than 100 BTC have been created. Together, they accumulated a total of 1,807 BTC (about US$132 million).
Whales give up selling
Investors made these purchases and then withdrew their BTC from Binance in just one hour. This unusual speed movement confirms the optimism experienced by the market.
Ahead of his victory in 2024, Trump made several important promises to cryptocurrency advocates, starting with a pledge to stop the federal government from selling their BTC. He also promised to fire Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), on his first day in office.
Furthermore, Trump promised to make the US the global center for bitcoin mining, which pleased companies in the sector. Several mining and cryptocurrency trading companies, such as the Gemini exchange, declared support for Trump during the campaign.
The 2024 US election has thrust digital assets into the political spotlight, with industry leaders calling for clearer regulations to promote growth. But it was also successful on betting platforms, such as Polymarket.
Several investors took bold, high-risk positions on the election results. At Polymarket, more than 65% of bets were for Trump to win, a number that many people considered “exaggerated”.
In fact, Trump saw a sharp drop in his chances in September, when opinion polls gave Vice President Kamala Harris the victory. But the Republican maintained a constant lead in Polymarket throughout October, and the confirmation of his victory filled the bettors’ pockets.
Whales withdraw US$132 million in Bitcoin from exchanges
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Whales withdraw US$132 million in Bitcoin from exchanges
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Whales withdraw US$132 million in Bitcoin from exchanges
