A whale has triggered attention from the crypto market after he deposited significant amounts of WBTC to Binance and earned impressive profits today.
Whale transfers $28.5 million to Binance
According to data shared by Spot on Chain, the whale deposited 300 WBTC (worth $28.5 million) to Binance today, January 9. Since the asset’s price had witnessed some significant increase, the sales gave the trader a whooping profit of $9.98 million.
According to Spot on Chain, the investor sold off the tokens just before news broke out that the US government had authorized some Bitcoin sales today.
This whale has been trading WBTC since March 2023, frequently buying assets at low prices and selling them when prices are high. Currently, he holds 195 WBTC (valued at $18.4 million) on Aave, with an estimated total WBTC profit of $33.7 million (+33.2%).
A whale with a $234M portfolio deposited 300 $WBTC ($28.5M) to #Binance, allegedly profiting $9.98M, just before news of the US Government’s $BTC sale approval!
This whale has traded $WBTC since March 2023, often buying lows and selling highs 👇.
Currently, the whale holds 195… pic.twitter.com/eM9Ownqh8Q
— Spot On Chain (@spotonchain) January 9, 2025
WBTC (Wrapped Bitcoin) is a modified version of Bitcoin that can be utilized on Ethereum’s advancing network of dApps. It is an ERC-20 token connected to the price of Bitcoin which is minted in Ethereum and other protocols to make Bitcoin accessible in decentralized finance (DeFi) markets. With this token, Bitcoin holders can interact with margin trading, yield farming, lending platforms, and other applications of DeFi.
This selling behavior based on potential news outbreak signals increasing caution among whales who may be getting ready for potential volatility as the markets await signals from policymakers. The huge sales show that large holders are preparing for a potential short-term turmoil soon.
Bitcoin price updates
Today on Thursday, Bitcoin has seen a drop, further stretching greater losses as risk appetite is disturbed by the Fed’s hawkish signals. Also, the news that the DOJ (Department of Justice) had received court approval to sell Bitcoin is another worry for investors over BTC prices.
Today, Bitcoin lost the strengths it gained since the beginning of 2025. It appears following wider drops in risky assets including stocks as traders prepare for a slower pace of lending rate reductions across the year.
The majority of cryptocurrencies have also recalled their prices, majorly triggered by Bitcoin’s plunge. These selloffs come after the DOJ had obtained court approval to sell tokens seized from the popular online black market platform (Silk Road).
According to media reports, the DOJ had gained the court’s permission to liquidate around 69,370 Bitcoin confiscated from a clampdown in the Silk Road marketplace in 2014. The DOJ plans to sell Bitcoin worth around $6.5 billion, which represents a huge quantity of selling pressure on BTC.
This is not the first time the DOJ intends to sell off its seized cryptocurrencies. However, the anticipated Bitcoin sale crushed some aspirations that the DOJ would deposit its BTC holdings into a Bitcoin strategic reserve suggested by President Donald Trump. Recently, Trump expressed plans to establish a national Bitcoin reserve, although it is still unclear how this program would function. The biggest virtual currency is currently trading at $93,512.07, down 2.2% over yesterday, and has been down 2.6% in the last seven days.