$1.88 billion Bitcoin transfer to Binance causes 0.44% drop in Bitcoin price

From Investing.com on August 27, 2024 at 2:00 PM:

On-chain data from Whale Alert reveals a massive transfer of 30,000 BTC, amounting to $1.88 billion, to Binance. The transfer originated from address “3E97A” and ended up in Binance’s cold wallet address “1Pzaq.” Another 233 BTC were further sent to a different cold wallet within Binance, causing market speculation and a 0.44% drop in Bitcoin price.

Arkham Intelligence’s on-chain information clarifies that the addresses involved in the transfer all belong to Binance, indicating an internal exchange transfer between the platform’s own wallets. Despite the market’s initial reaction to such large transfers, it was essentially an internal technical transfer within the exchange, causing no significant concern.

The significant impact of the Binance deposit on Bitcoin’s price was evident as a large red candle caused a 0.44% drop in the BTC value. However, it is important to note that the price had already been declining for two days prior to the transfer. Market participants should consider all factors contributing to price movements rather than reacting solely to large transfers.

Read more at Investing.com: Mysterious $1.88 Billion Bitcoin Transfer Stuns World’s Largest Exchange By U.Today