Two newly created wallets have withdrawn 3,500 BTC and 30,000 ETH from Binance in the past 5 hours, totaling over $300 million, sparking speculation that whales are accumulating BTC and ETH.
The data was recorded via the on-chain tracking tool Lookonchain, which focuses on large asset withdrawals from cryptocurrency exchanges. Simultaneous withdrawals of BTC and ETH from Binance are often XEM as a signal to transfer assets to a self-custodial wallet.
- Two newly created wallets withdrew 3,500 BTC and 30,000 ETH from Binance.
- Time: 5 hours ago; total value exceeds $300 million.
- Lookonchain suggests that whales may be starting to accumulate BTC and ETH.
Binance withdrawal transactions: the numbers and timing.
Lookonchain reports that two newly created wallets withdrew 3,500 BTC and 30,000 ETH from Binance five hours ago, totaling over $300 million.
Information indicates that the withdrawals originated from Binance and involved two newly created wallet addresses, implying this could be a new accumulation strategy rather than internal transfers between existing wallets.
The simultaneous withdrawal volume in both BTC and ETH, totaling over $300 million, makes the transaction stand out on on-chain data and is often closely watched by the market as an indicator of large investor behavior.
Market implications: signs of whale accumulation.
Based on Lookonchain's description, this transaction is XEM as a sign that a whale may have begun accumulating BTC and ETH.
Withdrawing assets from a cryptocurrency exchange typically means a reduction in the amount of assets readily available for immediate trading on the exchange and may reflect an intention to hold them for the longer term, especially when the receiving wallet is newly created.
However, the data currently only confirms the withdrawal amount and time; the identity of the wallet holder and the ultimate purpose (custody, OTC, or allocation to other platforms) are not stated in the original information.
