Binance Exchange Transfers 40,000 BTC Held in Cold Wallet

• Binance transferred all 40,000 BTC held in the 38DN2 cold wallet.
• The crypto exchange sent 10,000 BTC to a Binance hot wallet address labeled bc1qm.
• An unlabeled newly created wallet received the remaining 30,000 BTC.

Colin Wu, a well-known Chinese cryptocurrency writer, reported a large Bitcoin transfer via the Binance cold wallet address 38DN2. Binance transferred all 40,000 BTC held in the cold wallet, sending 10,000 BTC to the Binance hot wallet address designated bc1qm, according to Wu’s statement on X (previously Twitter). The remaining 30,000 BTC were transmitted to an unnamed newly-created wallet.

Today, the Binance cold wallet address (38DN2) transferred all 40,000 BTC it held, worth US$1.47 billion, of which 10,000 BTC was transferred to Binance hot wallet address (bc1qm). Another 30,000 BTC were transferred to the new address 3F9CGMu7JSJnMHA8jFM2KgxuH6hhxtvENP.…

— Wu Blockchain (@WuBlockchain) November 9, 2023

Wu connected the provided data to Arkham Intelligence, a platform that systematically analyzes and deanonymizes blockchain transactions, revealing to users the persons and businesses behind blockchain activity. Data discovered on Arkham Intelligence gave more information regarding the reported transaction.

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According to Arkham Intelligence data, the real value of the reported movement was 40041.0523339 BTC, or $1.47 billion. Binance paid 0.00025912 BTC in transaction fees, which amounted to $9.50. 

The claimed transaction occurred on a day when Bitcoin was experiencing strong bullish momentum. According to CoinmarketCap data, Bitcoin has gained 4.03% in the previous 24 hours at the time of writing. In a textbook rise, the flagship cryptocurrency has moved further away from the $35,000 resistance and traded for $36,734 throughout this report. Today’s Bitcoin rally adds to the flagship cryptocurrency’s momentum after a period of consolidation following a spectacular rally. 

Bitcoin retraced after gaining 33% between October 12 and October 24. Several people projected a pullback following the spike, expecting the price of the pioneer cryptocurrency to consolidate. Despite slowing, BTC consolidated in a semi-sideways manner, indicating significant bullish sentiment. In the last 24 hours, the price broke above the important $35,000 resistance, and the bulls appear to be returning as BTC has continued to increase. 

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Following the move, many users were left wondering what Binance’s objectives were. When whales transfer big quantities to hot wallets, users often expect a sell-off. That has not been the case with Binance’s recent transaction, despite the fact that it is still too early to determine the objectives behind the move.