Binance Exchange Transfers 40,000 BTC Held in Cold Wallet

Colin Wu, a renowned Chinese crypto journalist, reported a significant Bitcoin transfer involving the Binance cold wallet address labeled 38DN2. Wu posted on X (formerly Twitter) that Binance transferred all 40,000 BTC held in the cold wallet, sending 10,000 BTC to Binance hot wallet address labeled bc1qm. It sent the remaining 30,000 BTC to an unlabeled 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 linked the reported information to Arkham Intelligence, a platform that systematically analyzes and deanonymizes blockchain transactions, showing users the people and companies behind blockchain activity. Data found on Arkham Intelligence provided more detail about the reported transaction.

According to data from Arkham Intelligence, the actual value of the reported transfer was 40041.0523339 BTC, equivalent to $1.47 billion. Binance paid 0.00025912 BTC, equivalent to $9.50 in fees for the transaction.

The reported transaction happened on a day when Bitcoin was displaying significant bullish momentum. As of the time of writing, Bitcoin had gained 4.03% over the past 24 hours, based on data from CoinmarketCap. The flagship cryptocurrency has moved further away from the $35,000 resistance in a classic uptrend and traded for $36,734 during this report. Today’s Bitcoin rally boosts the flagship crypto’s momentum following a period of consolidation after a remarkable rally.

Bitcoin retraced after rallying by 33% during October 12 and 24. Several users predicted a pullback after the surge, expecting the pioneer crypto’s price to consolidate. Despite slowing down, BTC consolidated in a semi-sideway direction, reflecting substantial bullish sentiment. The price broke above the significant $35,000 resistance in the past 24 hours, and the bulls seem to be returning as BTC has continued to rise.

Following the transfer, Binance left many users curious about its intentions. Users generally suspect a likely sell-off when whales transfer large sums to hot wallets. That has not been the case with Binance’s recent transaction, even though it is still too early to judge the intentions behind the move.

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