An unidentified whale temporarily accumulated Wrapped Bitcoin (WBTC), accumulating over $118 million worth of WBTC in a short period of time.
According to blockchain analytics firm Lookonchain, the unknown wallet amassed a total of 1,953 WBTC, purchased at an average value of $58,853 per token.
The most recent transaction is notable, with the whale obtaining 347 WBTC (worth around $16 million) in just 12 hours on August 19.
Over the past week, this whale has accumulated a total of $1,953 WBTC ($118 million) of #Binance with an average value of $58,853. https://t. co/XlRBgyL4Tt pic. twitter. en/g1KRtkK5eY
– Lookonchain (@lookonchain) August 20, 2024
This significant buildup has raised eyebrows, especially as it coincides with ongoing debates and controversies surrounding the ownership and control of WBTC.
The controversy began earlier this month when BitGo, the company responsible for issuing Wrapped Bitcoin (WBTC), announced plans to move the token into a joint venture involving itself and Hong Kong-based investment manager BiT Global. and Sun’s Tron ecosystem. has sparked increased scrutiny and fear from major DeFi players.
In response, MakerDAO, a leading decentralized finance protocol, temporarily took steps to mitigate potential dangers related to WBTC. On August 16, the platform passed a proposal banning lending against WBTC collateral on its Sparklend platform.
Similarly, Aave, another major DeFi protocol, is reported to be the adoption of a wrapped Bitcoin token, TBTC, introduced through the Threshold Network.
Amid those developments, speculation abounds about Coinbase’s potential access to the wrapped Bitcoin market. The United States-based crypto exchange has hinted at the launch of its own wrapped Bitcoin token, dubbed “cbBTC,” which could further shake up the market.
The mysterious whale’s competitive accumulation of WBTC, in light of those changes in the industry, adds a new layer of intrigue to the ongoing narrative in the crypto space.
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