Binance Massive Bitcoin Transfer Raises Speculation Amid Bullish Market Momentum
Crypto News – Renowned Chinese crypto journalist Colin Wu has reported a significant Bitcoin transfer involving Binance’s cold wallet address labeled 38DN2. Wu made this announcement on X, formerly known as Twitter. According to his report, Binance moved a total of 40,000 BTC from the cold wallet in question. Of this amount, 10,000 BTC were sent to Binance’s hot wallet address, labeled as bc1qm, while the remaining 30,000 BTC were transferred to a newly created wallet without any labeling.
Wu’s report was based on information he linked to Arkham Intelligence, a platform specializing in systematically analyzing and deanonymizing blockchain transactions, revealing the individuals and companies involved in such activities. The data obtained from Arkham Intelligence provided additional insights into this notable transaction.
According to Arkham Intelligence’s data, the actual value of the reported transfer amounted to 40,041.0523339 BTC, which is equivalent to a staggering $1.47 billion. Binance incurred a relatively modest fee of 0.00025912 BTC, equivalent to just $9.50, for executing this substantial transaction.
It’s worth noting that this transaction occurred on a day when Bitcoin was experiencing significant bullish momentum. At the time of writing, Bitcoin had gained an impressive 4.03% over the past 24 hours, as per data from CoinmarketCap. The leading cryptocurrency had surged beyond the crucial $35,000 resistance level in a classic uptrend, trading at $36,734 during the time of this report. This recent rally has contributed to Bitcoin’s ongoing momentum following a period of consolidation following a remarkable price surge.
Bitcoin had experienced a retracement after a 33% rally between October 12 and 24. Many users had anticipated a pullback following such a surge, with expectations of the cryptocurrency’s price consolidating. However, despite this slowdown, Bitcoin maintained a semi-sideways consolidation pattern, indicative of significant bullish sentiment. Within the past 24 hours, Bitcoin successfully broke above the critical $35,000 resistance level, suggesting a resurgence of bullish activity.
Following this sizable transfer, Binance has left many users speculating about its intentions. Typically, when whales move substantial sums to hot wallets, it raises suspicions of a potential sell-off. However, in the case of Binance’s recent transaction, it remains too early to definitively assess the motivations behind this move.
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