Tracking service Whale Alert discovered the movement of 68,200 BTC worth about $1.15 billion from an unknown cryptocurrency wallet to the world’s largest cryptocurrency exchange by trading volume, Binance.
Ki Young Joo, CEO of market research firm CryptoQuant, gave his explanation for such a large BTC transfer.
In his opinion, these are the actions of customers who are in an “emergency situation,” and not at all transfers by the cryptocurrency exchange or its CEO Changpen Zhao.
59,151 BTCs are detached from BTCB and transferred to Binance. BTCB is a bitcoin-linked token on the BNB network. Since BTCB’s market capitalization has declined, it doesn’t look like a post settlement. Liquidity is on the sell side, in my opinion.
– If you are CZ, why are you unbundling bitcoins from the BNB network? Your goal is to support projects on the BNB network.
– The lack of statements from Binance means it’s client or investor money.
So I think this activity was most likely done by customers who are in a critical situation.
Other notable moves tracked by Whale Alert:
- 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 approximately $318 million transferred from unknown wallet to unknown wallet.
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