U.Today – A substantial withdrawal of 1,195, valued at approximately $81.95 million, was made from Binance, the world's largest cryptocurrency exchange. This transfer to an unknown address has caught the attention of the crypto community as mass withdrawals from exchanges are usually 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 to private wallets for storage, indicating long-term holding strategies.
Digging deeper into the data, we can discover that the address “bc1qm34” hosted by the exchange transferred millions of tokens to “1126a” in one tranche. This address is relatively new and was activated a month ago through a transfer from Binance itself – for 89,668 BTC, equivalent to $5.62 million.
In general, all interactions of this address are related to Binance, as well as the address “bc1q7”. That is, funds move only between these three addresses.
However, a deeper dive into Arkham Intelligence data reveals that the address in question may belong to Ceffu, an institutional digital asset platform that offers custody and liquidity solutions. The second address, however, also belongs to the platform and is its escrow address. He now owns 250,219 BTC worth $17.45 million.
Therefore, it can be stated that there is no special mystery or mysticism in this transfer: only one platform withdraws Bitcoin from the largest and, in fact, liquid platform for its own needs.
Meanwhile, Bitcoin continues to trade around $70,000 per coin. Towards the end of the day today, the price of the main cryptocurrency rises more than 2%. To reach Bitcoin's absolute maximum price of $74,000, there is less than 5.5% left.
This article was originally published on U.Today.
