Binance Moves 40,000 Bitcoins from Cold Storage
The Binance hot wallet address bc1qm received the 10,000 BTC from the cryptocurrency exchange.
Binance cold wallet address 38DN2 was involved in a major Bitcoin transfer, according to Colin Wu, a well-known Chinese crypto writer. After transferring all 40,000 BTC in the cold wallet to the Binance hot wallet address bc1qm, Wu announced the news on X (previously Twitter). The remaining 30,000 BTC were sent to an undisclosed destination.
The provided information was connected by Wu to the platform Arkham Intelligence, which analyzes and deanonymizes blockchain transactions in order to reveal the identities of the individuals and businesses behind them. Information gleaned from Arkham Intelligence expanded upon the specifics of the supposed exchange.
According to statistics from Arkham Intelligence, the real amount of the reported movement was 40041.0523339 BTC, or to $1.47 billion. The cost that Binance paid was 0.00025912 BTC, or about $9.50.
The alleged trade occurred on a day when Bitcoin showed strong upward momentum. According to statistics from CoinmarketCap, Bitcoin has risen in value by 4.03% in the last 24 hours as of the time of writing. The flagship cryptocurrency has moved farther away from the $35,000 barrier in a textbook rally and traded for $36,734 throughout this report. The flagship cryptocurrency, Bitcoin, has gained impetus today after a period of stabilization after a tremendous climb.
After gaining 33% between October 12 and October 24, Bitcoin prices retreated. After the first increase, some consumers expected the price of the first cryptocurrency to settle. Although it slowed down, BTC consolidated in a range, showing strong bullish sentiment. The bulls seem to be back as BTC has continued to increase after the price broke over the important $35,000 barrier in the previous 24 hours.
After the switch, Binance attracted the interest of many of its customers by remaining mysterious. When whales move substantial funds to hot wallets, users often anticipate a subsequent sell-off. Despite the fact that it is too soon to tell what motivated Binance’s latest transaction, this has not been the case.