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

Trump has won the US presidency once again, securing key swing states and surpassing the required 270 electoral votes. Despite a campaign marked by two assassination attempts, he will become only the second Republican in two decades to secure a second term, while his opponent, Kamala Harris, concluded with 224 electoral votes.

A vocal supporter of cryptocurrency, Trump has positioned digital assets at the heart of his economic strategy, making significant promises for regulatory reform and growth within the sector. While Trump’s open endorsement of crypto drew support from industry leaders, Harris chose not to voice a clear stance on the issue.

Bitcoin Whales Accumulate as Trump Returns to Power

Trump’s victory has ignited enthusiasm in digital asset markets, with Bitcoin surging to a record $75,000. This market rally has been propelled by new BTC “whales” – large investors capitalizing on Trump’s return to expand their holdings.

According to recent data from the on-chain analytics platform Lookonchain, 11 new whale wallets were established, collectively withdrawing 1,807 BTC – valued at approximately $132 million – from Binance within an hour on November 6. This substantial activity suggests growing confidence among investors as Trump prepares to take office.

Ahead of his 2024 victory, Trump made several important commitments to the crypto community, beginning with a pledge to retain the federal government’s Bitcoin reserves instead of selling them. At a major Bitcoin conference, Trump vowed to hold onto BTC assets seized from financial criminals rather than auctioning them.

Additionally, Trump pledged to overhaul financial regulation, promising to dismiss SEC Chairman Gary Gensler on his first day in office. He also committed to making the US a global hub for Bitcoin mining, ensuring that all BTC production occurs domestically.

Bettors Poised for Big Wins on Polymarket

The 2024 election has thrust digital assets into the spotlight, with industry leaders pushing for regulatory clarity to support sector growth. This demand for clearer rules was underscored by bold bets from crypto investors on the election’s outcome. Polymarket, a decentralized prediction platform, has seen a surge in activity from “whales” betting on Trump.

Following a surprising reversal in betting sentiment from September, Trump maintained a consistent lead on Polymarket throughout October, drawing substantial wagers from major investors.

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