On May 7, there were three huge changes in Binance’s Bitcoin balance. According to data analytics platform CryptoQuant, they consisted of an outflow of 117,359 BTC, an inflow of 10,036 BTC, and an outflow of 40,184 BTC.
However, it is likely to be down to internal wallet adjustments rather than whales moving their BTC off the exchange.
Industry analyst Colin Wu did a little more digging, concluding:
“According to further on-chain inspection, it is likely that the Binance cold wallet was internally adjusted to a new address, and the new address did not transfer out after receiving funds.”
BTC on Binance
Binance Suspends Transactions
The WhaleWire account said it was the largest single withdrawal in the exchange’s history, with a value of $4.6 billion. It was questioned whether whales or insiders were “jumping ship,” but this is very unlikely to be the case.
BREAKING: #Binance outflow data confirms largest withdrawal in it’s history, over 162,000 $BTC has left the exchange,
We współpracy z: https://cryptopotato.com/binance-wallets-see-huge-spikes-in-bitcoin-outflows-suspends-btc-transactions/
