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

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

A strong crypto advocate as of late, Trump has positioned digital assets at the center of his economic vision, making key promises for regulatory reforms and growth in the sector. While he actively endorsed crypto, attracting support from the industry, Harris remained largely silent on her stance.

Bitcoin Whales Accumulate Amidst Trump Victory

The excitement surrounding his win sparked a surge in digital asset markets, driving bitcoin to a record $75,000. This was supported by new BTC “whales,” or large investors seizing the moment to expand their holdings.

In fact, according to the latest update by on-chain crypto analytic platform Lookonchain, 11 new whale wallets were created, which collectively withdrew 1,807 BTC –  worth a whopping $132 million – from Binance within just one hour on November 6th. This wave of large-scale withdrawals hints at growing investor confidence as Trump returns to the White House.

Ahead of his 2024 win, Trump made several key promises to crypto advocates, starting with a pledge to prevent the federal government from selling off its bitcoin holdings. Speaking at the year’s largest Bitcoin conference, Trump vowed to maintain the BTC stockpile seized from financial criminals instead of auctioning them off.

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

Trump Bettors to Win Big on Polymarket

The 2024 US election has thrust digital assets into the political spotlight, with industry leaders urging clearer regulations to foster growth. This demand was underscored by crypto investors taking bold, high-stakes positions on election outcomes. Polymarket, the decentralized prediction platform, has seen significant activity from so-called “whales betting on Trump.

After a stunning reversal from September bets, Trump maintained a steady lead on Polymarket throughout October, attracting bold bets from top users. Among the most prominent winners are users “Theo4,” expected to make $20.4 million, “Fredi9999,” set to gain $15.6 million, and “zxgngl,” who stands to profit by $11 million, as recently reported by CryptoPotato.