Jane Street Withdraws $54 Million Worth of BTC From Gemini
CryptoNewsTerminal Staff12 Aug, 2024
Jane Street Withdraws $54 Million Worth of BTC From Gemini
On-chain analyst ai_9684xtpa reported via Twitter that an address estimated to belong to US-based major market maker Jane Street appears to have withdrawn 911.19 BTC ($54.03 million) from Gemini in the past 9 hours [at press time]. The average price paid was $59,296. The address previously withdrew 865 BTC and 1,147 BTC on Jan. 20 and Feb. 1 respectively, with an average price of $41,855. Jane Street is a major market maker in the cryptocurrency industry, providing liquidity to both retail and institutional investors. The firm's recent withdrawals from Gemini may be a sign that it is expecting a decline in the price of Bitcoin, or that it is simply repositioning its assets. It is important to note that this is just speculation, and there is no way to know for sure why Jane Street is withdrawing BTC from Gemini. However, the firm's actions are worth watching, as they may provide insights into the future direction of the cryptocurrency market.
