Binance Announces Bitcoin Wallet Migration, Triggers On-Chain Transfers
In a recent announcement, Binance, one of the world’s largest cryptocurrency exchanges, revealed its plans to migrate funds from its previous Bitcoin (BTC) cold wallet to a new address. Shortly after the announcement, on-chain data confirmed significant movements of BTC from Binance wallets, catching the attention of market participants.
Binance Wallet Migration
Binance stated that it would be moving funds from its previous BTC cold wallet to a new address, identified as 1Pzaqw98PeRfyHypfqyEgg5yycJRsENrE7. The migration process aimed to enhance the security and infrastructure of Binance’s BTC holdings.
This wallet transfer involved a substantial amount of BTC, totaling 130,177 BTC or approximately $3.45 billion at the time of the announcement.
Also Read: Binance CEO Launches Spot DCA..
Following Binance’s announcement, on-chain data revealed the specific BTC movements associated with the wallet migration. The migration involved two main addresses:
- 1Pzaqw98PeRfyHypfqyEgg5yycJRsENrE7: This address received 1,500 BTC as part of the wallet migration process. It serves as the new destination for a portion of exchange’s BTC holdings, aligning with their commitment to bolster security measures.
- 39884E3j6KZj82FK4vcCrkUvWYL5MQaS3v: Another address received a significant portion of the transferred funds, totaling 115,177 BTC.
Bitcoin Whale Movements
An on-chain data analysis platform LookOnChain reported significant whale movement in this course of time. A BTC whale withdrew 15,000 BTC (equivalent to approximately $396 million) from Binance.
Interestingly, this transaction was preceded by a test transfer of 1 BTC, highlighting the meticulous approach taken by the whale before executing the substantial withdrawal.
The exchange also reassured the users about their safety of bitcoin holdings by adding this to tweet:
If you see any significant movements of #BTC from our wallets today, that’s why. Funds are SAFU.
Also Read: Binance Exits UK Aftr Netherlands and Cyprus..
- Peter Brandt Flips Bullish on Bitcoin, Ethereum, XRP, and XLM
- Binance to Compensate Users After Ethena’s USDe Depeg During Crypto Market Crash
- Tom Lee’s Fundstrat Predicts Ethereum Rally to $5,500 Following ETH ‘Bottom’
- Is the Bitcoin Top In? Raoul Pal Signals Higher Liquidity Cycle Despite Market Selloff
- Expert Says XRP ETF Approval Is ‘Getting Close’ As Issuers File Amendments
- PEPE Coin Price Reenters Historical Demand Zone as Whales Accumulate $5M— Can It Repeat Its 123% Rally?
- Bitcoin Price Prediction as Trump’s Tariff Shock Triggers $19B Liquidation
- Can $TAPZI Reach $1 In Q1 2026?
- Here’s Why XRP Price May Have a Zcash-Like Surge
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
