Wintermute Sells Huge WBTC Stash, Whale Takes Advantage

In a notable development, Wintermute, a major player in the crypto market, has sold off nearly its entire stash of Wrapped Bitcoin (WBTC) on Binance, as revealed by on-chain data.

The data shows Wintermute transferred 2,617 WBTC tokens to Binance, amounting to a market value of approximately $155.27 million.

Although WBTC is technically classified as an altcoin, it represents Bitcoin locked in a smart contract and used within DeFi platforms, which some Bitcoin purists dismiss as less valuable.

Recently, there were rumors that Justin Sun, the founder of Tron, had taken over the management of WBTC. However, BitGo, the custodian of WBTC, has refuted these claims.

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Additionally, on-chain data indicates that a significant crypto whale, identified by the address 0x692, has recently increased its WBTC holdings.

The whale added 124 WBTC tokens to its collection hours ago, accumulating a total of $53.75 million in WBTC over the past two months at an average price of $63,513. Given that WBTC’s value is linked to Bitcoin, this whale is currently facing a loss.

Alexander Stefanov