A wealthy investor has moved over $1 billion worth of Bitcoin (BTC) to Binance, the world’s largest crypto trading platform by volume.
Whale movement research network Whale Alert found that a high-net-worth trader initiated a massive transfer Thursday evening and transferred 68,200 BTC worth about $1.15 billion at the of the transfer from an unknown crypto wallet to Binance.
Ki Yong Joo, CEO of market intelligence firm CryptoQuant, explains why they suddenly transferred such a large amount of BTC.
According to Zhu, the move represents actions by customers in an “emergency situation” and not by the crypto exchange itself or its CEO Changpeng ‘CZ’ Zhao.
59,151 BTC just unlinked from BTCB and flowed into Binance. BTCB is pegged to a Bitcoin token on the BNB chain. Since BTCB’s market cap has declined simultaneously, it doesn’t appear post-settlement and is liquidity from the sellers.
So this activity is very likely from a customer(s) in an emergency. Other notable transfers that came under Whale Alert’s radar include:
At the time of writing, Bitcoin is trading at $16,050.