A big Bitcoin move on Binance worth a whopping $260,387,071 just occurred, and it looks like it was not an accident.
Whale Alert data shows 3,000 BTC sent from an external wallet into Binance’s “15KX2” deposit address. Arkham links the sending wallets to Matrixport-related infrastructure. Two Matrixport-connected wallets deposited about 4,000 BTC, worth around $347.56 million, into Binance on the same day.
Matrixport is a crypto financial services firm that was founded by Jihan Wu, the former CEO of Bitmain. It mostly works with institutions and high-net-worth clients, offering custody, OTC trading, lending, derivatives and structured yield products.
Matrixport is not your typical retail exchange. People usually use its wallets for execution, hedging and balance management — not for long-term holding.
Two weeks earlier, the same receiving wallet got Bitcoin from BIT.com Matrixport addresses in multiple inflows: 496 BTC, 504 BTC, 998.99 BTC and 1,001 BTC. Today’s deposit is the final step in that process, moving the coins to Binance for active trading in spot or derivatives markets.
What’s with Bitcoin price?
The price of Bitcoin is one to watch here since it is trading at about $86,600 and not able to stay above $90,000 for two months already. Since October, prices have been hitting lower highs, with repeated pullbacks after rallies.
Large exchange deposits during this type of structure have a history of increasing short-term supply risk, especially when the sender is tied to trading and yield strategies.
There is no confirmed spot selling yet. The order book data does not show immediate distribution that matches the full size of the deposit. Thus, there are three things to think about here: selling Bitcoin in stages to get cash, setting aside collateral for short or options exposure, or getting ready for higher volatility.
Source: https://u.today/strange-bitcoin-transfer-worth-260387071-lands-on-worlds-largest-crypto-exchange
