$264 million in bitcoin moved to Binance by unknown wallet

On Mar 1, 2023

A single transaction processed on Feb. 28 moved nearly $264 million worth of bitcoin (BTC) from an unknown wallet to world’s top cryptocurrency exchange Binance.

The transaction in question moved 11221.055 BTC worth $263,851,890 with a fee of 3,537 satoshi (1/100,000,000 of a bitcoin) worth just $0.83. The movement comes as bitcoin trades at $23,450 after having gained 0.55% over the last 24 hours and losing 1.4% over the last 7 days.

Bitcoin 7-day price chart. | Courtesy of CoinStats.

In the meanwhile, on-chain data provided by Glassnode shows that the number of bitcoin addresses holding at least $0.1 BTC just reached a new all-time high of 4,239,235 while the median transaction volume hit a 3-year low of $198.31.

At the same time, the amount of BTC that has not moved for at least ten years just reached yet another all-time high of 2,646,765.201 BTC.

Crypto on-chain analysis is a method of analyzing data from a blockchain network to gain insights into the behavior and activities of participants on the network.

The blockchain is a public ledger of all transactions on a particular cryptocurrency network, and on-chain analysis involves examining this ledger to track the flow of funds, identify patterns and trends, and gain a deeper understanding of how the network is being used.

This type of analysis can be used to identify key players in a particular market or to track the movement of large sums of cryptocurrency.

Many companies and organizations in the cryptocurrency industry use on-chain analysis to inform their decision-making, and the practice has become an important tool for investors, regulators, and law enforcement agencies in the cryptocurrency ecosystem.

If you would like to learn more about on-chain analysis of cryptocurrencies, major crypto price data provider CoinGecko published a handy video guide on the subject.

The findings follow a recent report suggesting that bitcoin keeps leaving cryptocurrency exchanges as on-chain data keeps showing signs of accumulation by long-term investors.