CandleFocus Onchain Analyst: Binance Taps Cold Wallet Reserves as Bitcoin Outflows Spike
2024-11-21
Author: Content Editor
Binance, one of the leading cryptocurrency exchanges, has reportedly experienced significant outflows of cryptocurrencies. In response, the exchange has tapped into its cold wallet reserves to manage the situation. The operator of timechainindex.com has noted the major withdrawals and observed that Binance transferred 40,000 BTC between its cold wallets and moved an additional 5,535 BTC to a newly created address. Binance holds a significant amount of bitcoin, with a total of 738,349.58 BTC across thousands of addresses valued at $68.08 billion. Only Coinbase surpasses Binance in Bitcoin holdings. The recent outflows and use of cold wallet reserves by Binance highlight the important role centralized exchanges play in managing large digital asset reserves and their influence on market sentiment.
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