A cryptocurrency whale deposited a significant amount of Bitcoin (CRYPTO: BTC)  to cryptocurrency exchange Binance hours before the market crashed, on-chain data shows.

What Happened: According to on-chain data provided by Lookonchain, a whale moved 3,100 BTC, valued at approximately $140 million, to Binance shortly before a noticeable market slump occurred on Wednesday.

At the time of reporting, Lookonchain identified that the gain from this transaction would constitute a profit of $78 million, representing an increase of 126%.

It is unclear whether the whale has sold its holding.

On October 6, 2022, the same whale withdrew 3,100 BTC from cryptocurrency exchange HTX. At the time of the withdrawal, the price of Bitcoin was $20,000.

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Why It Matters: The timing of this deposit has drawn attention amid a recent dip in Bitcoin prices, which saw the cryptocurrency falling from $45,000 down to $40,000 within a brief span on Wednesday. 

Market analysts have speculated on an array of potential catalysts for the plunge, including a report by Markus Thielen of Matrixport. The report posited that the SEC might reject spot Bitcoin ETF applications, contradicting previous predictions of approval and a subsequent rise to $50,000.

Price Action: At the time of writing, BTC was trading at $43,161, down 4.61% on Wednesday, according to Benzinga Pro.

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