$5 Billion in BTC appears to have been withdrawn from Binance in just one hour, potentially by one entity

This came up on one of my crypto telegram alerts, it happened in two transfers. So far CZ hasn’t said anything.

Potential reasons are that whales are scooping up large amounts of coins (or an institutional investor along the lines of Microstrategy). There is also the possibility of a hack, but in that case I think we’d know by know already.

Also likely is binance setting up some kind of new wallet, say to bolster its wrapped BTC platform on BSC (although if so it would be a new wallet as this is an address with no previous interactions)

Leaving aside the (unlikely) chance of a binance hack, I’d say this is pretty bullish regardless. That adds up to nearly 90k bitcoins, around the same amount that Michael Saylor is hodling.

So pretty damn bullish now we have that many bitcoins which have either been transferred to (hopefully) a strong hodler, or alternatively it will be wrapped and put into a custodial wallet, reducing sell pressure. And well timed, just as the markets are about to flip green on the daily. (Also recall that in the 1-3 days before our correction yesterday we saw the opposite – lots of coins going ONTO binance)

By the way, the app is called CryptoQuant Alerts (Beta) – its one of the apps I mentioned on a previous post about telegram. They appear to be examining the data and I’ll update as news comes in.

EDIT: 11k bitcoins has indeed gone into a wrapped B-BTC contract it seems so they are expanding the amount of wrapped bitcoins. Quite bullish for BNB generally (i.e. more people using it) and I saw BNB pumped soon after. The other coins have gone to a new storage wallet, perhaps waiting in case it needs to be allocated later?

Kind of strange though that Binance "owns" that much crypto in its own treasury. Perhaps they did an OTC deal and bought BTC from some of their whales who use the exchange