NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Mysterious $1.88 Billion Bitcoin Transfer Stuns World's Largest Exchange

Published 08/27/2024, 09:46 PM
Updated 08/28/2024, 02:15 AM
© Reuters Mysterious $1.88 Billion Bitcoin Transfer Stuns World\'s Largest Exchange
BTC/USD
-

U.Today - An unexpected twist emerged on-chain when, according to data from Whale Alert, 30,000 BTC, a colossal sum equivalent to $1.88 billion at current prices, was transferred to the world's largest crypto exchange, Binance.

Thus, from address "3E97A" were initially sent 75177.38 BTC, which is worth $4.73 billion, to two other addresses, "3PXBET" and "1Pzaq," with the latter being Binance cold wallet's address, which received 30,000 BTC out of the initial sum.

After that, as the transaction history shows, 233 BTC were sent to another cold wallet of the black-and-yellow crypto behemoth. The 45,177 BTC received by "3PXBET" were left untouched and are still on this address.

Such large transfers on the exchange often cause fear and doubt among market participants when a large entity transfers such colossal sums of Bitcoin to an exchange with an intention to sell it.

What is this mix of addresses and transactions?

Data from Arkham Intelligence provides the bigger picture. According to its on-chain information, the address that sent the initial sum and the one that received 30,000 BTC both belong to Binance. The sender address is also a cold wallet.

Basically, it is just a technical inner transfer of the exchange between its own wallets. Should anyone worry? Probably not.

Meanwhile, the effect on the price of Bitcoin that this transfer caused was indeed as expected, when market participants see a large Binance deposit. In a minute, a massive red candle took the BTC price down 0.44%.

To be fair, though, it had already been falling for the past two days.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.