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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Whale Removes Nearly $400 million In BTC From Binance

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin whale

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A massive Bitcoin transaction was spotted on the blockchain recently, indicating a whale may be moving their funds into self-custody. Data shows a Bitcoin whale has withdrawn $395.8 million from Binance to an unknown wallet, a sign that may be bullish for the cryptocurrency’s price. 

Massive Bitcoin Transaction Spotted on the Blockchain

According to the data provided by Whale Alert, a cryptocurrency transaction tracker, a whale recently transferred 15,000 BTC away from Binance, the world’s largest cryptocurrency exchange by volume. At the current market price, these Bitcoins are worth around $395.878 million.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 15,000 #BTC (395,878,446 USD) transferred from #Binance to unknown wallethttps://t.co/PyhE6gBozq

— Whale Alert (@whale_alert) June 19, 2023

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This is one of the largest single transactions involving Bitcoin that has been reported so far this year. Although the recipient address is unknown, the amount of the transaction suggests that it was likely an institutional investor or high net worth individual also known as a “whale” who wanted complete control of their digital assets.

How Self-Custody Is Good For The Price Of Bitcoin

It is no new revelation that when dealing with digital assets, self-custody is the best way, especially on a large scale. By transferring from an exchange wallet into a private wallet, the whale now has sole control and responsibility over the private keys that can move the funds. 

For many long term holders, this is a safer option than keeping large amounts of crypto on an exchange which could be at higher risk of hacks or scams.

Bitcoin (BTC) price chart from TradingView.com

BTC recovers above $26,000 resistance | Source: BTCUSD on TradingView.com

When whales make significant transactions, it can frequently cause price volatility. If this whale plans to hold their BTC long-term, it could signal confidence in Bitcoin’s future value. On the other hand, if they were to sell a significant percentage of it, there would be an oversupply on the market, which would bring the price down, at least temporarily.

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Also, when big players move their BTC off exchanges into self-custody wallets, it’s usually a good sign for Bitcoin’s price. Removing hundreds of millions of dollars of Bitcoin from exchanges means less supply available for trading. This increases scarcity on exchanges, thereby increasing the price of Bitcoin. 

Bitcoin is now trading above $26,000 after breaking the $26,000 resistance during the weekend. With the next Bitcoin halving less than a year away, whales moving their assets into self-custody may send some ripples of bullish sentiment into the wider crypto industry. 

Featured image from Coingape, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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