TopBG

Bitcoin (BTC) Whale Transfers Over $1 Billion to Binance

Bitcoin Whale Transfers Over $1 Billion to Binance
type: News
1669025025 21 Nov / 10:03

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.

Justification:

  • If you are CZ, why are you removing Bitcoins from the BNB chain? Your goal is to support projects on the BNB chain.
  • No messages from Binance, which means it’s customer or investor money.

So this activity is very likely from a customer(s) in an emergency. Other notable transfers that came under Whale Alert’s radar include:

  • 1,186 BTC worth about $20 million was transferred from Coinbase to an unknown wallet
  • 2,056 BTC worth about $35 million was transferred from an anonymous wallet to Coinbase
  • 19,035 BTC worth about $318 million was transferred from an unknown wallet to an Unknown wallet

At the time of writing, Bitcoin is trading at $16,050.

CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.
crypkyp.com