On-chain data indicates that Bitcoin whale Garrett Jin (BitcoinOG 1011short) seems to have sold 5,000 BTC after transferring to Binance and then withdrew 53.12 million USDT, believed to be related to this transaction.
The move includes transferring BTC to the exchange, then withdrawing stablecoins, which the market often monitors to speculate on profit-taking or restructuring the positions of the whale. The wallet still holds a large amount of BTC worth billions of USD at current prices.
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Whale Garrett Jin seems to sell 5,000 BTC (~349 million USD) after transferring to Binance.
Then withdrew 53.12 million USDT from Binance, believed to be related to the deal.
The address still holds over 30,000 BTC (~2.09 billion USD) at current prices.
Sale transaction of 5,000 BTC and USDT flow
On-chain data shows that Garrett Jin seems to have sold 5,000 BTC (approximately 349 million USD) after transferring this BTC to Binance and then withdrawing 53.12 million USDT.
According to the data, before being believed to be sold, 5,000 BTC was transferred to Binance. After that, the related wallet withdrew 53.12 million USDT from Binance, and this withdrawal is assessed to be related to the BTC sale transaction.
The sequence of actions transferring BTC to the exchange and then withdrawing stablecoins may reflect the realization of profits or reallocation to pegged assets. However, the information in the data is described as appears and believed to be, meaning it is not a definitive conclusion about the purpose.
The wallet balance still holds over 30,000 BTC
The monitored address still holds over 30,000 BTC, equivalent to about 2.09 billion USD at current prices.
Despite signs of selling 5,000 BTC, the remaining holdings indicate that this is still a large whale wallet on the Bitcoin network. The figure of over 30,000 BTC is the remaining balance at the time of reporting, and the converted value of 2.09 billion USD depends on BTC price fluctuations.
Source: https://tintucbitcoin.com/ca-voi-garrett-jin-rut-531m-usdt/
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