A deep-pocketed Bitcoin (BTC) investor is suddenly moving over $1 billion worth of BTC to Binance, the world’s largest crypto exchange platform by volume.
Whale-surveying network Whale Alert finds that the high-net-worth trader initiated a massive transfer last night and abruptly moved 68,200 BTC worth about $1.15 billion at time of writing from an unknown crypto wallet to Binance.
[adinserter block="1"]Ki Young Ju, the chief executive of market intelligence firm CryptoQuant, offers an explanation as to why such a large amount of BTC was suddenly shifted.
According to Ju, the movement represents actions from customers who are in an “urgent situation” rather than that of the crypto exchange itself or its CEO, Changpeng Zhao.
“59,151 BTC just unpegged from BTCB and flowed into Binance. BTCB is the Bitcoin-pegged Token on BNB chain. Since BTCB market cap decreased at the same time, it doesn’t seem to be post-settlement. Sell-side liquidity, in my opinion.
Rationale:
–If you’re CZ, why do you unpeg Bitcoins from BNB chain? Your goal is to support projects on BNB chain.
–No announcements from Binance means it’s customer or investor’s money.
So I think this activity was highly likely from customer(s) who are in urgent situation.”
Other notable transfers on Whale Alert’s radar include:
- 1,186 BTC worth about $20 million transferred from Coinbase to an unknown wallet
- 2,056 BTC worth about $35 million transferred from an unknown wallet to Coinbase
- 19,035 BTC worth about $318 million transferred from an unknown wallet to an unknown wallet
Bitcoin is changing hands for $16,617 at time of writing, a fractional gain on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/QalexanderK/Konstantin
