U.Today – This weekend saw unusual activity in the (BTC) market, as a new wallet withdrew 2,700 BTC, worth about $256.38 million, from Binance, the world’s largest cryptocurrency exchange, over the past two days.
First, this wallet withdrew 1000 BTC worth $94.43 million yesterday. Less than a day later, another transfer of 1,700 BTC worth $161.35 million left the exchange. Now the wallet contains 2700 BTC, which is a lot of money to move in such a short time.
What is even more interesting is that this unknown wallet came out of nowhere with no previous transaction history.
Such moves often speak volumes in the crypto world. It’s not just about size, it’s about what those who control the wallet are up to. In the common sense of crypto market participants, such withdrawals from centralized platforms are considered the act of an unknown large investor buying cryptocurrency and taking it into his own custody.
So the perception is quite bullish.
The catch, however, is that this wallet might belong to Binance itself, and all this shuffling between wallets is nothing more than an internal operation of the exchange.
However, the owner’s end game is still a mystery. It could be a way of protecting against market volatility, a sign of growth expectations, or part of a larger, secret plan. The fact that there was no immediate on-chain Bitcoin movement outside of Binance indicates the likelihood of secure storage.
Who owns it, the stock market or individual investors, also remains a mystery.
