【upbit crypto】Whale Swaps $5 Million in USDC for cbBTC Amid Price Drop

The upbit cryptogeneral digital asset markets seem to be struggling, including prominent virtual currencies like BTC, ETH, and many others. Despite these ongoing market corrections, crypto analyst Onchain Lens shared data today on the X platform identifying that a whale has accumulated massive amounts of cbBTC tokens.

Whale buys $5 million worth of cbBTC

According to data from Onchain Lens, a wallet associated with Andreas Brekken, the founder of Sideshift.ai, withdrew $5 million in USDC from Hyperliquid. After the withdrawal, the whale spent $2 million to purchase 21.11 cbBTC tokens at an average price of $94.72.

Data shows that the trader set the purchasing into an auto-buy mode, buying cbBTC every 36 minutes. His wallet still possesses $3 million USDC, which shall be used to buy more cbBTC.

A wallet linked to Andreas Brekken (@abrkn), Founder of @sideshiftai, withdrew $5M $USDC from #Hyperliquid and spent $2M $USDC to buy 21.11 $cbBTC at an average price of $94,742.

Andreas has set it to auto-buy mode, purchasing $cbBTC every 36 minutes. The wallet still holds $3M… pic.twitter.com/VNehPZqdig

— Onchain Lens (@OnchainLens) December 28, 2024