A BNB whale has woken up after two years and has sold a portion of its holdings on the market, making substantial profits and signaling an interesting change in crypto whale behavior.
According to data from on-chain analytics service Lookonchain, the whale liquidated 10,000 BNB tokens at roughly $230 each, netting $2.3 million from the sale. Although the whale made a considerable divestment, it still has 15,000 tokens valued at $3.5 million in its wallet.
The whale’s strategic financial moves date back two years, when he initially bought 10 BNB tokens at $240 each and exchanged them for a staggering 100 billion SafeMoon tokens. Most of these were later sold, resulting in a huge profit of 110,000 BNB which was worth $47.5 million at the time.
This sizable sale comes at a pivotal time for Binance, the world’s leading cryptocurrency exchange in terms of trading volume. Last week, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its United States counterpart, Binance.US, and the owner of the exchange, Changpeng Zhao.
The SEC’s allegations range from operating illegal exchanges and selling unregistered securities to artificially inflating trading volumes and misappropriating client funds.
Binance has denied these allegations, expressing disappointment at the SEC’s decision to abandon a negotiated settlement process and resort to litigation. The company has vowed to defend its platform vigorously, criticizing the SEC’s regulatory approach for lacking the nuanced understanding required for such a dynamic and complex technology.
The lawsuit has led to a massive outflow of funds from the leading cryptocurrency exchange, as data revealed that investors withdrew a staggering $791.6 million from Binance in a 24-hour period.
According to CCData, the SEC lawsuit has affected the liquidity of Binance and Binance.US, with the latter seeing an 85% decline in liquidity for its BTC-USD trading pair, while the former saw a decline of 65.6% since January.
Meanwhile, Coinbase experienced a slight decline in liquidity of 5.18% through June 10, according to the company.
