Bitcoin Whales Withdraw $132M from Binance Following Trump's Victory

Donald Trump has won the U.S. presidency, securing a significant victory in key swing states and surpassing the necessary 270 electoral votes. This win comes after a contentious campaign, marked by two assassination attempts, making Trump the second Republican in two decades to achieve a second term. His opponent, Kamala Harris, garnered 224 electoral votes.

As a strong advocate for cryptocurrency, Trump has placed digital assets at the forefront of his economic agenda, promising regulatory reforms and growth within the sector. While he has actively supported crypto initiatives, Harris has remained relatively quiet on her stance regarding digital currencies.

Surge in Whale Activity

Following Trump's victory, the excitement in the cryptocurrency markets intensified, pushing Bitcoin to an all-time high of $75,000. This surge was accompanied by the emergence of new Bitcoin "whales," or large investors, who took advantage of the market dynamics to expand their holdings.

According to data from on-chain analytics platform Lookonchain, 11 new whale wallets were created, which collectively withdrew 1,807 BTC, valued at approximately $132 million, from Binance within just one hour on November 6. This substantial withdrawal reflects growing investor confidence as Trump returns to the White House.

Before his election win, Trump made several promises to the crypto community, including a commitment to prevent the federal government from liquidating its Bitcoin holdings. He pledged to retain the BTC stockpile seized from financial criminals rather than auctioning them off.

Additionally, Trump announced plans to overhaul financial regulation by intending to fire SEC Chairman Gary Gensler on his first day in office. He also aims to establish the U.S. as the global hub for Bitcoin mining, ensuring that all BTC is mined domestically.

Betting on Trump’s Victory

The 2024 U.S. election has brought digital assets into the political spotlight, with industry leaders advocating for clearer regulations to promote growth. This demand has been reflected in the actions of crypto investors, who have taken high-stakes positions on election outcomes.

Polymarket, a decentralized prediction platform, has seen significant activity from "whales" betting on Trump. Following a remarkable turnaround from September bets, Trump maintained a steady lead on Polymarket throughout October, attracting substantial wagers from top users. Notable winners include "Theo4," expected to earn $20.4 million, "Fredi9999," set to gain $15.6 million, and "zxgngl," who stands to profit by $11 million.