$66,4 Mln Worth of Bitcoin Sent from Anonymous Wallets to Binance – Will BTC Price Dump?

📰 News
  • Over $66,4 mln worth of Bitcoin has been transferred between Binance and anonymous wallets, some in the community now expect the BTC price to slump

$66,4 Mln Worth of Bitcoin Sent from Anonymous Wallets to Binance – Will BTC Price Dump?

Over the last 12 hours, Whale Alert, the Twitter bot account that tracks large crypto transactions, reported several BTC transfers between the Binance exchange and several wallets with unregistered owners.

In total, approximately 7,812 BTC was transferred – that’s around $63,560,000.

BTC sent
Image via Twitter

In the comment thread, some users fear that another Bitcoin price dump is about to happen.

Binance and ‘unknown wallets’

Whale Alert has detected $66,453,000 worth of Bitcoin sent between the crypto giant Binance and several unknown wallets over the last 12 hours.

Around 3,312 BTC ($28,177,000) was transferred to Binance. 4,500 BTC ($38,276,000) got sent from Binance to a wallet with an anonymous owner.

Curiously, in three of these transactions the unknown wallets have the same address:


BTC address
Image via blockchain.com

That's one transaction to Binance (2,213 BTC) and two transfers from Binance (982 BTC + 984 BTC).

Whale Alert
Image via Twitter

Must Read
Ripple CEO Expects to See More 'Consolidation' in 2020. Community Wants Big Acquisitions - READ MORE

Community’s take

The crypto community’s reaction was typical of similar cases that have happened many times previously – when large amounts of crypto are moved to a crypto exchange, especially, a large one, like Binance, retail investors start thinking that a price dump is approaching.

The most typical cases are when large amounts of XRP are unlocked and moved from Ripple’s escrow wallet and then sent on.

More BTC sent – Coinbase, OKEx

This time, however, along with transactions to and from Binance, large amounts of Bitcoin were also moved to other exchanges – OKEx and Coinbase.

Here, there were three transfers – one took place between the two exchanges (838 BTC), while 1,000 BTC was sent from Coinbase to an unknown wallet and 1,000 BTC was transferred from OKEx to an anonymous wallet as well.

One of the users in the comment thread noticed that despite quite frequent transactions when large amounts of BTC have been sent to other exchanges (aside from Binance), the Bitcoin price was not impacted.

At press time, Bitcoin is trading in the $8,500 area after surging over the past several hours.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.