Bitcoin Whales Accumulate $140M Worth of BTC From Binance as Price Sees Slight Correction

Two massive Bitcoin (BTC) whales have accumulated over $140 million worth of the flagship cryptocurrency from leading crypto trading platform Binance

Two Bitcoin (BTC) whales have each withdrawn over 1,000 BTC from Binance, collectively amassing over $140 million in the flagship cryptocurrency after BTC’s price saw a slight correction from a new all-time high.

One whale withdrew 1,225 BTC, while the second withdrew 671.74 BTC. At the time of the first withdrawal, BTC's price was around $75,200, and the second withdrawal was made when BTC was trading at around $75,080.

The first whale now holds a total of 1,775 BTC, which is worth around $133 million at the current BTC price of $76,000. The second whale now has over $50 million in their wallet.

Bitcoin is continuing to rise after Republican candidate Donald Trump won the U.S. presidential elections. A Trump victory was widely expected to help boost Bitcoin's price, as the former U.S. President has expressed strong support for the cryptocurrency sector.

This could lead to a brighter regulatory outlook, with less regulatory ambiguity and the appointment of more crypto-friendly officials to key positions.

However, Bitcoin's price has been known to rally after U.S. presidential elections, with 90-day returns of 87%, 44%, and 145% after the elections in 2012, 2016, and 2020, respectively.

BTC's price rise is also helping spot Bitcoin exchange-traded funds (ETFs) see record daily inflows of $1.38 billion. BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), saw about 81% of the total inflows, with $1.11 billion in net inflows.

The second-highest inflows went to the Fidelity Wise Origin Bitcoin Fund (FBTC), with $190 million inflows, while the Ark 21 Shares Bitcoin ETF (ARKB) came in third place, with $17.6 million inflows.

No spot Bitcoin ETF saw outflows on November 7. In total, spot Bitcoin ETF's cumulative flows are now at $25.57 billion.