Two newly created wallets withdrew large amounts of Bitcoin from two major exchanges, such as Binance and FalconX. Notably, one of the wallets, bc1q0…j7q3e, received approximately 1,000 BTC (worth $110.65 million) from Binance across two transactions, while the second address, bc1qx…xdf0n, withdrew 465 BTC (valued at $51.47 million) from FalconX, also in two separate transactions.
Data from Lookonchain shows that the funds were sent to newly created wallets, as they both have no prior transaction history. The withdrawal from exchanges to self-custody wallets indicates that the holders behind these addresses likely intend to keep the BTC for the long term.
The transfer has attracted the attention of the broader crypto community, with many traders eager to know the rationale behind the move. One common reason for these large withdrawals is the shift of assets to cold storage, a method used by large investors to safeguard their assets. While this could indicate a shift towards long-term holding, the exact reason for these transfers remains unclear as of press time.
Market Reactions and Speculation
The crypto community has expressed mixed reactions to these transactions. Some traders view them as a bullish signal, suggesting that crypto whales are positioning themselves for future price increases. However, others warn that these withdrawals could lead to increased selling pressure if the investors decide to liquidate their Bitcoin holdings.
The reduction in the amount of Bitcoin held on exchanges could tighten market liquidity. As fewer coins are available on exchanges, the resulting supply shortage may push prices higher, especially if demand remains consistent. However, such market movements also bring about increased volatility, which traders will need to monitor closely in the coming weeks.
Whale Transfers 2,000 BTC to Over 50 Addresses
Meanwhile, there have been several reports of whales shuffling funds to different blockchain addresses. Recently, a whale transferred 2,000 BTC, valued at around $222 million, to 51 blockchain wallets. Data from Arkham Intelligence shows that each address received 37.576 BTC (approximately $4.2 million), with only one wallet receiving 121.18 BTC (worth $13.4 million).
Notably, major market analysts remain optimistic about Bitcoin’s long-term potential. Some, like Fundstrat’s Tom Lee, even predict that Bitcoin could reach between $200,000 and $250,000 by the end of 2025.
At the time of writing, Bitcoin is trading at $111,442, with a 24-hour trading volume of $72.88 billion. The cryptocurrency holds the top spot in the global crypto ranking, with a market cap of $2.22 trillion.
The CoinRemark Team
Brenda Kanana
