Binance Cold Wallet Transfers $4.7 Billion in Bitcoin Prior to Market Correction
A recent significant transaction from Binance's cold wallet has caught the attention of the cryptocurrency market. The wallet moved 75,177 BTC, valued at over $4.7 billion, and the market reacted strongly shortly afterward.
According to several on-chain analytics, a cold wallet associated with Binance executed this large transfer at 09:30 UTC on August 27, 2024. The transaction saw 75,177 BTC, worth approximately $4.7 billion, being moved.
This transfer was divided into two distinct transactions:
1. First Transaction: 30,000 BTC, valued at over $1.8 billion, was transferred to Binance’s hot wallet.
2. Second Transaction: 45,177 BTC was sent to an unknown wallet address labeled “3PXB…GKoc”.
As of now, Binance has not released any official comment regarding this substantial transfer. This lack of communication has fueled speculation and concern within the investment community. Investors are particularly uneasy about the identity of the entity that now controls the 45,177 BTC (valued at more than $2.9 billion) in the anonymous wallet and the possible risk of a large-scale sell-off that could adversely affect the market.
This anxiety is compounded by recent events that shook the market. For instance, investors still recall the upheaval in June and July 2024 when the German government sold $2.9 billion worth of Bitcoin, an unprecedented move that significantly disrupted the cryptocurrency landscape.
Similarly, the U.S. government and entities related to Mt. Gox also made large Bitcoin transfers to exchanges around the same time. While the purpose of these transfers was initially unclear, it was later revealed that they led to massive sell-offs, triggering a severe downturn in the market.
In a worrying development, just hours after Binance’s large BTC transfer, Bitcoin’s price saw a steep decline, dropping from $62,000 to $58,000. As of the latest update, Bitcoin is trading around $59,600.
