Bitcoin witnesses unusual $161 million bullish well movement on Binance By U.Today

U.Today – This weekend there was unusual activity in the (BTC) market, because in the last two days a new wallet of 2,700 BTC, worth 256.38 million dollars, from Binance, the world’s largest cryptocurrency exchange.

First, this wallet withdrew 1,000 BTC worth $94.43 million yesterday. In less than a day, another transfer of 1,700 BTC left the exchange with $161.35 million. Now the wallet holds 2,700 BTC, which is a lot of money to move in a short time.

What’s more surprising is that this unknown wallet came out of nowhere with no past transaction history.

These types of moves speak volumes in the crypto world. It’s not just about the size, it’s also about what they control the wallet. In the common perception of crypto market participants, large investors who are not known to issue such centralized platforms are seen as buying cryptocurrency and taking it for themselves.

So the view is harsh.

But the catch is that this wallet can be Binance’s own, and all this switching between wallets is nothing more than the internal workings of the exchange.

That said, the owner’s endgame is still a mystery. This could be a way to avoid market volatility, a sign of bullish prospects, or part of a larger, secret plan. The lack of immediate on-chain movement of Bitcoin beyond Binance suggests the possibility of secure storage.

Who owns it, the exchange or individual investors also remains a mystery.

This article was originally published on U.Today.