Bitcoin Whales Withdraw Over 5,000 BTC from Binance in 1 Minute
Amid growing rumors about the leading crypto centralized exchange, Binance, investors are withdrawing vast amounts of Bitcoin (BTC) from the platform. The founder and CEO, Changpeng Zhao (CZ), called the rumors an attempt to create ‘fear, uncertainty, and doubt’ (FUD).
Key Points:
– Whale Alert account on X registered five withdrawals on August 23, in the same minute, totaling 5,729 BTC ($150 million).
– These transactions were all included in the same Bitcoin block (block height 804522), making them registered simultaneously.
– The address “1KNm4…rA72p” was responsible for the largest sum, currently holding 5,434 BTC.
Data from CryptoQuant shows that Binance has experienced six consecutive days of negative Bitcoin Netflow (outflow dominance) since August 17, with a total of 14,460 BTC withdrawn from Binance’s reserves until August 22.
– August 17: (-1,754) BTC
– August 18: (-2,133) BTC
– August 19: (-2,007) BTC
– August 20: (-4,473) BTC
– August 21: (-948) BTC
– August 22: (-3,145) BTC
Glassnode identified a 5-year low for BTC balances on exchanges on the same day as the whale alerts, indicating that “HODLers” are moving BTC to private self-custody wallets.
Closing paragraph: The withdrawal of over 5,000 BTC from Binance in just one minute reflects a significant movement of funds and raises questions about the reasons behind it. It could be a sign of investors’ lack of trust in Binance due to the rumors circulating or a shift towards self-custody wallets for increased security. Regardless of the motive, this event highlights the volatility and concerns surrounding the crypto industry.
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