PakGazette – There has been some unusual activity in the (BTC) market this weekend, as in the last two days a new wallet has withdrawn 2,700 BTC, worth approximately $256.38 million, from Binance, the largest cryptocurrency exchange in the world.
First of all, this wallet yesterday withdrew 1,000 BTC worth $94.43 million. Less than a day later, another transfer of 1,700 BTC worth $161.35 million left the exchange. Now the wallet has 2700 BTC, which is a lot of cash to move in such a short time.
What’s even more interesting is that this unknown wallet came out of nowhere with no previous transaction history.
These types of movements usually say a lot in the world of cryptocurrencies. It’s not just about the size, but also what those who control the wallet do. In the common sense of cryptocurrency market participants, such withdrawals from centralized platforms are considered an act of an unknown large investor purchasing cryptocurrencies and taking them into their own custody.
Therefore, the perception is rather bullish.
The problem, however, is that this wallet may belong to Binance itself, and all this switching between wallets is nothing more than an internal operation of the exchange.
That said, the owner’s end remains a mystery. It could be a way to hedge against market volatility, a sign of bullish expectations, or part of a larger secret plan. The fact that there has been no immediate movement of Bitcoin on-chain beyond Binance points to the likelihood of secure storage.
Who owns it, the stock market or individual investors, also remains a mystery.
