Bitcoin Whales Pull $132 Million From Binance After Trump Wins

Donald Trump has won the presidency of the USA, achieving a decisive victory in swing states and surpassing the necessary 270 electoral votes. Despite a heated campaign marked by two assassination attempts, Trump will become the second Republican in 20 years to win a second term, while his opponent, Kamala Harris, received 224 electoral votes.

A strong supporter of crypto recently, Trump has positioned digital assets at the center of his economic vision, making key promises for regulatory reforms and growth in the sector. Although he actively supported crypto, attracting support from the industry, Harris remained largely silent on his position.

Bitcoin whales rally amid Trump victory

The excitement surrounding his victory led to a surge in digital asset markets, pushing bitcoin to a record high of $75,000. This was supported by new BTC “whales” or large investors who took advantage of the moment to expand their holdings.

In fact, according to the latest update from on-chain crypto analytics platform Lookonchain, 11 new whale wallets were created, collectively withdrawing 1,807 BTC, worth $132 million, from Binance in just one time on November 6. This wave of large-scale withdrawals hints at growing investor confidence as Trump returns to the White House.

Before his 2024 victory, Trump made several key promises to cryptocurrency advocates, starting with a pledge to prevent the federal government from selling its bitcoin holdings. Speaking at the biggest Bitcoin conference of the year, Trump promised to keep the stock of BTC confiscated from financial criminals instead of auctioning it off.

He also promised a major leadership change in financial regulation, announcing his intention to oust SEC Chairman Gary Gensler on his first day in office. Additionally, Trump pledged to make the US the global center of bitcoin mining by ensuring that all BTC is mined domestically.

Trump punters stand to win big at Polymarket

The 2024 US election has put digital assets in the political spotlight, with industry leaders calling for clearer regulations to encourage growth. This demand was underscored by crypto investors who took bold and high-risk positions on the election results. Polymarket, the decentralized prediction platform, has seen significant activity from so-called “Trump-betting whales.”

After an impressive reversal of September bets, Trump maintained a consistent lead in Polymarket throughout October, attracting bold bets from top users. Notable winners include users “Theo4” who is expected to win $20.4 million, “Fredi9999” who will win $15.6 million, and “zxgngl” who will win $11 million , as recently reported by CryptoPotato.

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