Binance Cold Wallet Transfers $4.7 Billion in BTC Before Market Correction

According to multiple on-chain data sources, a wallet identified as a cold wallet belonging to the Binance exchange made a significant move at 09:30 on August 27, 2024 (UTC). Specifically, this wallet transferred a massive amount of 75,177 BTC, equivalent to approximately $4.7 billion.

The Bitcoin was split into two separate transactions:

One transaction transferred 30,000 BTC (worth over $1.8 billion) to Binance’s hot wallet.
The other transaction moved 45,177 BTC to an anonymous wallet address “3PXB…GKoc”.

Binance cold wallet information transfers BTC

So far, Binance has not issued any official statement regarding this move. This silence has sparked speculation and concern within the investor community. Many are worried about the true owner of the 45,177 BTC (worth more than $2.9 billion) that was sent to the anonymous wallet, as well as the potential for a “sell-off” that could negatively impact the market.

Investors are still haunted by the recent “nightmare” when the German government sold Bitcoin, raising $2.9 billion—a historically unprecedented event that profoundly impacted the cryptocurrency market during June and July 2024.

Moreover, around the same time, the U.S. government and the “ghost” of Mt. Gox also transferred large amounts of Bitcoin to exchanges. Initially, the purpose of these transactions was unclear, but it was later discovered that these were the catalysts for a “bloodbath” in the cryptocurrency market, as these entities executed massive Bitcoin sell-offs.

Notably, just a few hours after this large amount of BTC was transferred, Bitcoin’s price experienced a sharp decline, dropping from $62,000 to $58,000. Currently, Bitcoin is trading around $59,600.