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Wednesday, August 10, 2022

Binance adds N10trn worth of Bitcoin to its portfolio

A Bitcoin address belonging to Binance reportedly added 43,000 BTC to its reserve at an average price of $46,553.68, bringing the total dollar figure to approximately $2 billion, in an attempt to buy the dip.

whale investors have  have continued to invest in Bitcoin the price decline witnessed in the last few weeks in an attempt to buy the dip.

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As Bitcoin trades below the $42,000 trading range, Bitcoin whales (Big money investors) were busy accumulating more Bitcoin at lower prices, which many in the cryptocurrency community are calling a ‘discounted’ price.

 

Elsewhere, the third-largest Bitcoin address also continued to accumulate more Bitcoin by adding another 551 BTC just two days ago. The wallet continues to aggressively accumulate in the $40,000 trading range. The wallet now owns a total of 121,396 BTC which is worth $5.07 billion.

There were some arguments on social media platforms as to who the real owner of the wallet that bought the $43,000 BTC was. However, Binance confirmed ownership of the address in a tweet sent out in 2019.

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, the wallet appears to have evolved into a cold storage wallet for the world’s largest cryptocurrency exchange. In a tweet by advanced blockchain tracker @whale_alert in April last year, the wallet was again labelled as the Binance BTC reserve wallet address.

Although the wallet has been used to mint 13,001 BTC onto the Binance Smart Chain, the owner has never sold a single Satoshi since its opening in 2019. Bitcoin trades $41,740 as of the time of this writing.

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