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$2.35 Billion in BTC Moved From Binance: Should Investors Be Alarmed?
TL;DR
CryptoQuant’s analyst Maartunn explained that such a sizeable transfer is “important to track because this size can affect market perception of traders, and the liquidity on exchanges.”
X users were quick to comment below the post, with some speculating about whales removing massive portions of their BTC holdings out of the world’s largest centralized exchange to cold wallets. There could be some merit to this claim as whales have been accumulating in large portions lately.
However, others brought some fear to the market, claiming that Binance might have become a victim of a hack, similar and even bigger than the one against Bybit from earlier this year.
CryptoQuant’s analysis quickly refuted both theses, indicating that the move was most probably an internal transfer.
Maartunn noted that the confirmation will be evident in Binance’s proof of reserves report, which was scheduled to be released on May 1. However, the paper has not been published as of press time.
Nevertheless, there seems to be little to no actual reason to worry, at least given the currently available information. BTC’s price was also largely unaffected by the transfer, as it’s actually up by a few grand from April 25.