- Binance co-founder CZ denied close ties to former U.S. President Donald Trump, stating the pardon was unexpected.
- Ark Invest increased its stake in Ether treasury company BitMine by $2 million while reducing Tesla holdings.
- Bitcoin whales are selling significant amounts of Bitcoin while retail investors are buying, signaling a notable market divergence.
Earlier this year, Binance co-founder CZ received a pardon from former U.S. President Donald Trump, which he described as a surprise. CZ denied any personal relationship or direct communication with Trump, explaining that the only interaction with the Trump family was a conversation with Eric Trump at the Bitcoin Middle East and North Africa conference held in Abu Dhabi, United Arab Emirates. He stated that his legal team submitted the pardon petition in April and he was unaware of its progress or timing until it was granted, as mentioned in an interview with Fox News source.
The pardon created a split in the crypto community, with executives welcoming the decision, while some U.S. Democratic lawmakers raised concerns about potential financial motivations behind the pardon.
Separately, investment firm ARK Invest, led by Cathie Wood, expanded its holdings in BitMine, a firm accumulating Ether (ETH) as a treasury asset since April. According to daily trading reports, ARK purchased approximately 48,454 shares worth around $2 million across three exchange-traded funds (ETFs): the ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW). Meanwhile, ARK reduced its Tesla stock position by about $30 million. On the reported day, BitMine shares rose by 7.65% to $40.23 during after-hours trading, marking a 415% gain year-to-date, based on Google Finance data source.
Market data indicates a divergence between Bitcoin retail investors and large holders, known as whales. Since October 12, wallets holding between 10 and 10,000 BTC have sold approximately 32,500 Bitcoins. In contrast, smaller retail wallets have been purchasing Bitcoin aggressively during price dips. The sentiment analytics platform Santiment highlights this trend, noting that historically Bitcoin prices tend to follow whale movements rather than retail investor activity. This pattern has raised attention as a potential warning sign for Bitcoin’s price dynamics, as detailed in Santiment’s market report source.
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