A whale has transferred 4,500 bitcoins, equivalent to $ 50 million, from its wallet to Bainance Exchange. No information is available on the identity of this whale and its intention to carry out this transaction.
To be honest effect on price with this amount is less interesting to me than other aspect.
How do you risk $50 million sending it to exchange that has financial troubles. This money can dissapear in seconds while beign on exchange.
How to ensure safety of such enormous operation? This is crazy.
It would really be on gradual basis when it comes on selling it out and cant really be done in bulks.Imagine for the owner of that coin which would be directly getting $50 million into his bank account?
that would surely ring a bell and all people do knows that possibility knowing that banks would really be highly reactive into this kind of transaction plus you would really ring a bell
when government do already spot it out.I dont also have the confidence on selling it all in one go on an exchange specially it do talks about millions of usd.
i dont think he will take that kind of risk because we are talking huge amount of money here. and if he will withdraw more than the max daily allowable in binance, which is 2
, then i assume he will undergo kyc and that will expose his identity. so if he will sell this intermittently and just withdraw below the max, it will not affect the price in the market.