$2.35 Billion in BTC Moved From Binance: Should Investors Be Alarmed?

Tl; DR

• The short and most likely answer to the title of the title is – no.
• The data on the chain suggest that the transfer was internal, even if some members of the community thought that they withdrew from the whales, while others have hypothesized that this could be a kind of piracy.

As the graphic above shows, the massive transfer took place on April 25 in block # 893894, in which 25,177 BTC, valued at more than $ 2.35 billion at the time, was moved from one of the known portfolios.

Cryptocurrency analyst Maartunn explained that Such a significant transfer is “important to follow because this size can affect the perception of the traders' market and the liquidity of exchanges”.

X users quickly commented on the post, some specifying on the whales by removing massive parts of their BTC assets from the largest centralized exchange in the world with cold wallets. There could be a certain merit in this assertion when the whales have accumulated in large portions lately.

However, others were scary on the market, saying that Binance could have been the victim of a hacking, similar and even larger than that against Bybt earlier this year.

The cryptocurrency analysis quickly refuted the two theses, indicating that this decision was most likely an internal transfer.

“Although the size of the transaction has raised questions, all the evidence suggests that it was an internal movement, not a withdrawal from users.”

Maartunn noted that confirmation will be obvious in the Proof of Reserves report in Binance, which was to be published on May 1. However, the document was not published from the press.

However, there seems to be little or no real reason to worry, at least given the information currently available. The price of BTC was also not widely affected by the transfer, because it is in fact a few from April 25.