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In a recent move, 900 BTC, valued at nearly $93.8 million, was transferred from major crypto exchange Binance to an unknown wallet. According to blockchain data tracker Whale Alert, "900 BTC (93,786,226 USD) transferred from Binance to an unknown wallet."
This transaction has attracted attention in the crypto community, prompting speculation on the motivations behind the move.
While the exact reasons for this transfer remain unknown, large transactions of this nature are often indicative of a few possibilities. Withdrawals from exchanges may signify buying, while deposits may signal intent to sell; the move might be accumulation by a whale or large holder.
Large holders of Bitcoin may decide to move their assets off exchanges like Binance for various reasons, such as moving them to cold storage to hold them for a longer period.
Bitcoin price action
Cryptocurrencies rose over the weekend, with Bitcoin holding above $100,000. Bitcoin's price was up 0.66% at $104,258 in the early Sunday session, according to CoinMarketCap data. On Saturday, BTC hit $104,997, its highest level since Jan. 31. Bitcoin is up more than 9% weekly, on track for its fourth positive week in a row and first four-week winning streak since November.
According to CNBC, Geoffrey Kendrick, head of digital assets at Standard Chartered, recently remarked that his $120,000 Bitcoin price target "looks very achievable" and may even be too low.
Last month, Kendrick predicted that Bitcoin might reach an all-time high of roughly $120,000 in the second quarter of 2025 due to a "strategic asset reallocation away from U.S. assets" and "accumulation by whales (major holders)."
In recent news, Coinbase has launched 24/7 trading for Bitcoin and Ethereum futures, the first on a CFTC-regulated exchange.
Vladislav Sopov