Gamza Khanzadayev
A surprise withdrawal of 1,195 Bitcoins worth $81.95 million was made from Binance to an unknown destination.
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A large withdrawal of 1,195 Bitcoin (worth approximately $81.95 million) has been made from Binance, the world's largest cryptocurrency exchange. The transfer to an unknown address has attracted attention from the crypto community, as large withdrawals from exchanges are usually seen as a signal of rising prices.
The logic is simple: large investors are demonstrating a long-term hold strategy by purchasing digital assets on liquidity platforms like Binance and then transferring them to private wallets for safekeeping.
Digging deeper into the data, we see that the exchange-hosted address “bc1qm34” transferred millions of tokens at once to “1126a,” a relatively new address that was activated a month ago by the same Binance transfer: 89,668 BTC, worth $5.62 million.
Generally, all interactions with this address are related to Binance, as well as the address “bc1q7”, meaning funds only move between these three addresses.
However, a deeper look into the Arcam Intelligence data reveals that the address in question may belong to Ceffu, an institutional digital asset platform that offers custody and liquidity solutions. However, the second address also belongs to this platform and is its custodial address. Currently, this address holds 250.219 BTC, valued at $17.45 million.
Therefore, we can say that there is no special mystery or mysticism in this transfer: one platform simply withdraws Bitcoin from the largest and most practically liquid platform for its own needs.
Meanwhile, Bitcoin continues to trade around $70,000 per coin. Heading into today's close, the price of the leading cryptocurrency is up more than 2%. Less than 5.5% remains to reach Bitcoin's absolute all-time high of $74,000.
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Gamza Khanzadayev
