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$82 Million Bitcoin Mystery Stuns World's Largest Exchange

Published 05/27/2024, 11:45 AM
Updated 05/27/2024, 03:00 PM
© Reuters.  $82 Million Bitcoin Mystery Stuns World\'s Largest Exchange

U.Today - A substantial withdrawal of 1,195 Bitcoin, valued at approximately $81.95 million, has been made from Binance, the world’s largest cryptocurrency exchange. This transfer to an unknown address has caught the attention of the crypto community as, typically, massive withdrawals from exchanges are perceived as bullish signals for the price.

The logic is simple: large investors buy digital assets on liquid platforms like Binance and then move them to private wallets for storage, indicating long-term holding strategies.

Diving deeper into the data we can learn that the address "bc1qm34" hosted by the exchange transferred millions of tokens to "1126a" in one tranche. This address is relatively fresh and was activated a month ago by a transfer from the same Binance - for 89,668 BTC, equivalent to $5.62 million.

In general, all interactions of this address are related to Binance, as well as the address "bc1q7." That is, funds move only between these three addresses.

A deeper dive through Arkham Intelligence data, however, reveals that the address in question may belong to Ceffu - an institutional digital asset platform offering custody and liquidity solutions. The second address, however, also belongs to the platform and is its custodial address. It now holds 250.219 BTC worth $17.45 million.

Thus, it can be stated that there is no special mystery and mysticism in this transfer - just one platform withdraws Bitcoin from the largest, and in fact, liquid, platform for its own needs.

Meanwhile, Bitcoin continues to trade around $70,000 per coin. Toward the end of the day today, the price of the main cryptocurrency is adding more than 2%. To reach the absolute maximum price of Bitcoin, at $74,000, less than 5.5% remains.

This article was originally published on U.Today

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