News
$82 million Bitcoin mystery stuns world’s largest exchange
Gamza Khanzadaev
Surprising withdrawal of 1,195 Bitcoins, worth $81.95 million, was made by Binance to an unknown destination
Continue reading U.TODAY
Google News
A substantial one withdraw of 1,195 Bitcoins, worth approximately $81.95 million, were made by Binance, the world’s largest cryptocurrency exchange. This transfer to an unknown address caught the attention of the crypto community as, typically, massive withdrawals from exchanges are perceived as bullish signals for the price.
The logic is simple: Large investors buy digital assets on liquid platforms like Binance and then move them into private wallets for storage, indicating long-term holding strategies.
Digging deeper into the data we can learn that the address “bc1qm34” hosted by the exchange transferred millions of tokens to “1126a” in one tranche. This address is relatively fresh and was activated a month ago via a transfer from Binance itself – for 89,668 Bitcoinequal to 5.62 million dollars.
In general, all interactions of this address are related to Binance, as is the address “bc1q7”. That is, funds only move between these three addresses.
A deeper examination of Arkham Intelligence data, however, reveals that the address in question may belong to Ceffu, an institutional digital asset platform offering custody and liquidity solutions. The second address also belongs to the platform and is its custody address. It now holds 250,219 BTC worth $17.45 million.
Source: Arkham Intelligence
Therefore, it can be said that there is no special mystery or mysticism in this transfer – just a platform retreats Bitcoin from the largest, and in fact liquid, platform for your needs.
Meanwhile, Bitcoin continues to trade at around $70,000 per coin. Towards the end of the day today, the price of the leading cryptocurrency is increasing by more than 2%. To reach the absolute maximum price of Bitcoinat $74,000, less than 5.5% remains.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.