Recent changes in the cryptocurrency market are linked to actions of major investors and past manipulations.
Withdrawal of Tokens from Binance
Over the last half hour, a major crypto whale has withdrawn 703 million FORM tokens (approximately $19.82 million) from the Binance exchange to an on-chain address. The token is native to Four, formerly known as BNX, now operating as a memecoin startup. Known for its past manipulative actions, this new move by BNX could signal a new wave of manipulation in the market.
Situation with a Major Investor
During the same period, another major investor, who has been losing in high leverage positions, continues to open short positions despite experiencing partial liquidation in the last 10 transactions. This investor opened short positions again with 40x leverage for BTC and 25x for ETH. They have lost a total of $16 million so far, with $14 million tied to the latest transaction.
Deposits and Mining
Additionally, a newly created wallet opened a 10x leverage HYPE long position by depositing $4.16 million worth of USDC to the decentralized exchange HyperLiquid. Furthermore, notable whale James Fickel deposited 80,000 ETH worth $204.05 million to the Coinbase Prime platform. Currently, he has 7,278.87 ETH in his wallet, around $18.56 million. Lastly, a solo Bitcoin miner managed to mine a block of 3.17 BTC, valued at approximately $349,000.
These events emphasize the ongoing dynamism in the cryptocurrency market, where the activities of major players can significantly impact its behavior.
