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It was quite the coincidence that the cryptocurrency market jolted back to life after Easter Sunday, with Bitcoin leading the way with more than a double-digit gain. While the price of BTC continues to hold above the critical $94,000 level, the premier cryptocurrency seems to be losing some momentum. Unsurprisingly, investors appear to be increasingly confident in the promise of this recent rally, as significant amounts of BTC continue to make their way off major centralized exchanges over the past few days. Here’s how much investors have moved in the past few days. Over 35,000 BTC Move Out Of Coinbase And Binance In a Quicktake post on the CryptoQuant platform, crypto analyst João Wedson revealed that Binance, the world’s largest cryptocurrency exchange by trading volume, has seen increased activity over the past few days. The exchange netflow data shows that huge amounts of Bitcoin have been withdrawn from the platform in recent days. Related Reading: Bitcoin Sees 4th Dip in Funding Rates This Year — What Does This Mean For BTC? According to CryptoQuant data, a total of 27,750 BTC (worth $2.63 billion at current price) was moved out of Binance on Friday, April 25. This latest round of withdrawals represents the third-largest net outflow in the centralized exchange’s history. The movement of significant crypto amounts from exchanges, which offer services like selling to non-custodial wallets, suggests a potential shift in investor sentiment and strategy. Large exchange outflows often signal increased confidence of holders in the long-term potential of an asset. Wedson noted that the recent outflows do not guarantee a price rally for Bitcoin, but they do signal strong institutional activity, which is often a precursor for major volatility. Citing China’s crypto ban in 2021, the crypto analyst highlighted how massive exchange outflows didn’t prevent the dump. At the same time, Wedson mentioned that the continuous Bitcoin outflows over several days, like during the FTX collapse, preceded a price bottom and the eventual market recovery. Ultimately, the online pundit hinted at paying close attention to the overall trend of the exchange netflow rather than a single-day activity. Similarly, more than 7,000 BTC (worth approximately $66.5 million) have made their way out of the Coinbase exchange. According to the CryptoQuant analyst Amr Taha, this negative exchange netflow could be an indicator of increased institutional activity, as Coinbase is known as the primary crypto vendor for US-based institutions. Taha said: These large outflows typically suggest accumulation by institutions or large investors, potentially signaling bullish sentiment. The analyst outlined that if the dwindling exchange reserves correlate with an increased spot demand or ETF inflows, a supply squeeze could be on the horizon, potentially pushing the price to the upside. Bitcoin Price At A Glance As of this writing, the price of BTC sits just beneath $95,200, reflecting an almost 2% increase in the past 24 hours. Related Reading: Is The XRP Price Rally Over At $2.22? New Developments Suggest Major Pump Is Coming Featured image from iStock, chart from TradingView
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Crypto trader nets $670k profit within a day as TRUMP dinner spot push heats up
Summary ⚈Trader nets $670K in a day by swapping Fartcoin for TRUMP tokens amid dinner invite hype. ⚈ Top 25 TRUMP holders promised exclusive dinner with Trump, fueling whale activity. ⚈ TRUMP token is volatile but remains up 82% on the week, trading above key support. A cryptocurrency trader has netted almost $670,000 through a trade involving the Official Trump ( TRUMP ), amid a rush by the coin’s top holders to secure an exclusive dinner with President Donald Trump. Details of the trade indicate that the investor began by swapping their entire 1.18 million Fartcoin ( FARTCOIN ) position, valued at $1.22 million, into 78,671 TRUMP tokens, according to the latest on-chain data retrieved by Finbold from Lookonchain on April 27. This transaction saw the trader move funds from Jupiter Aggregator Authority 14 to a wallet. The TRUMP token, launched by President Trump, surged in value, resulting in a portfolio worth $1.96 million and a profit of $669,000 in under a day. Crypto trader’s transactions swapping TRUMP. Source: Lookonchain Before this transaction, the trader executed five swing trades in Fartcoin over the past few days, each yielding consistent profits. Crypto trader’s transactions swapping TRUMP. Source: Lookonchain Increased TRUMP whale transactions The timing of this financial feat aligns with a recent announcement that the top 25 holders of TRUMP will receive “an ultra-exclusive VIP reception with the president,” along with a special tour, according to the token’s website. As a result, the meme coin has seen an increase in whale transactions, with some investors seemingly hoping to secure a spot at the dinner table. In contrast, others have capitalized on the resulting price surge. For instance, as reported by Finbold, another unidentified trader swapped $300,000 into TRUMP in a bid to secure a dinner invitation. Additionally, Lookonchain data indicated that another unidentified trader, who had previously sold off TRUMP tokens ahead of the dinner news, re-entered the market on April 27. The investor spent $5.2 million in USDC to repurchase 337,560 TRUMP tokens at an average price of $15.39. TRUMP price analysis As of press time, TRUMP was showing signs of weakness, correcting from its recent rally triggered by the dinner announcements. The token is currently valued at $14.83, down almost 3% over the past 24 hours. However, on the weekly chart, the coin is up a massive 82%. TRUMP seven-day price chart. Source: Finbold Although sentiment around TRUMP remains bullish, the token is experiencing relatively high volatility. Still, the short-term outlook appears positive, with the price trading well above the 50-day simple moving average ( SMA ) of $10.34. Featured image from Shutterstock The post Crypto trader nets $670k profit within a day as TRUMP dinner spot push heats up appeared first on Finbold . NewsBTC
