Binance recently transferred all 40,000 BTC held in its cold wallet address labeled 38DN2. The exchange sent 10,000 BTC to a Binance hot wallet.
Key Takeaways
- Binance, a leading cryptocurrency exchange, conducted a significant Bitcoin transfer involving its cold wallet address labeled 38DN2.
- The exchange moved all 40,000 BTC held in the cold wallet, with 10,000 BTC sent to a Binance hot wallet address labeled bc1qm.
- The remaining 30,000 BTC were transferred to an unlabeled newly created wallet.
- Colin Wu, a well-known Chinese crypto journalist, reported this transfer on social media platform X (formerly Twitter).
Binance’s 40,000 BTC Transfer
Binance, a prominent cryptocurrency exchange, executed a substantial Bitcoin transfer involving its cold wallet address labeled 38DN2.
Out of the 40,000 BTC, 10,000 BTC were sent to a Binance hot wallet address labeled bc1qm, while the remaining 30,000 BTC were transferred to a newly created wallet without any labeling.
Binance Exchange Transfers 40,000 BTC Held in Cold Wallet#bitcoin #BTC #tafouio #cryptonews pic.twitter.com/vyMz2N9EGB
— tafou.io (@tafouio) November 10, 2023
Chinese crypto journalist Colin Wu reported this transfer on the social media platform X, bringing attention to the significant transaction.
Bitcoin’s Bullish Momentum
The reported transfer occurred during a period of significant bullish momentum in Bitcoin’s price. Bitcoin had gained 4.03% in the past 24 hours, trading at $36,734, and had recently broken the $35,000 resistance.
The transfer raised questions about Binance’s intentions, as large transfers to hot wallets often lead to speculation of a potential sell-off. However, the exact purpose behind this transaction remains uncertain.
To Conclude
Binance’s transfer of 40,000 BTC from its cold wallet to hot and newly created wallets has attracted attention in the crypto community, although its intentions behind the move are yet to be determined.
