The Light wallet sure doesn’t stop. For those who don’t know, Light is the name given to Ethereum’s third-largest whale, who is also a top BNB player. The wallet holds digital assets worth over a staggering $4 billion. The BNB whale recently made three separate purchases for $btcb, as per the data provided by Whalestats.
What were the BNB whale’s movements?
The Light wallet first made a purchase of 34 $btcb coming in at a whopping $1,333,172. It went on to buy another 37 $btcb, worth $1,441,059. And thirdly it purchased 38 $btcb at $1,468,789. In total, it purchased 109 $btcb, worth an incredible $4,243,020.
Upon closer examination on the BNB whale’s Light wallet movements, we see that the BTCB made 35.5% of its incoming tokens, but it made up a sizable portion of its outgoing tokens at 65.5%. This could mean that there was a pump and dump situation in regards to this development. Given that the price of the token has been oscillating, it could very well be speculated to be a classic pump and dump.
BTCB, issued by Binance, is a pegged bitcoin on Binance Chain and Binance Smart Chain with a 1:1 peg to BTC locked on the Bitcoin blockchain. The 1:1 peg means that the number of wrapped BTCB is the same as the amount of BTC locked in a public address.
With the markets recovering from the recent plummet, big purchases sure add a sign of confidence among smaller investors, but is it a sign of healthy market movement? Well given that BTCB is the highest outgoing token from the Light wallet, it would seem otherwise.
This is not the first time the Light wallet has been on a shopping spree. A few weeks ago the wallet had made huge purchases of MANA, worth $1,845,409. It went on to buy 426,000 SAND worth $2,044,800 in a first transaction, then an additional 1,703,978 SAND in a second transaction, worth an eye-watering $8,179,094! Lastly it had purchased 3,090,000 CQT worth $2,039,319. It’s worth noting that the whale made these purchases on the same day!