U.Today – An unexpected twist occurred on the blockchain 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 cryptocurrency exchange, Binance.
Thus, from the address “3E97A” 75,177.38 BTC were initially sent, equivalent to $4.73 billion, to two other addresses, “3PXBET” and “1Pzaq”, the latter being the Binance cold wallet address, which received 30,000 BTC 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 giant. The 45,177 BTC received by “3PXBET” were not touched and are still located at this address.
Such large transfers on the stock exchange often cause fear and doubt among market participants when a large entity transfers such colossal sums to an exchange with the intention of selling them.
What is this mix of addresses and transactions?
Arkham Intelligence data offers a broader view. 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's address is also a cold wallet.
Basically, this is a technical internal transfer from the exchange between its own wallets. Should anyone be worried? Probably not.
Meanwhile, the effect this transfer had on the Bitcoin price was as expected, when market participants see a large deposit from Binance. Within a minute, a huge red candle pushed the BTC price down by 0.44%.
To be fair, though, it had already been falling for the past two days.
This article was originally published on U.Today
