Mysterious $90 Million BTC Leaves Biggest Crypto Exchange

U.Today - As Bitcoin continues to reflect bullish signals, recording an intraday high of $87,892 on April 2nd, Whale Alert has detected a large Bitcoin transfer involving 1050 BTC from leading cryptocurrency exchange Binance to an unknown wallet.

The blockchain tracking service uncovered the movement on Wednesday. It revealed that the transaction links to the wallet address “bc1qcpflj68”. While the wallet does not reveal much, it appears to have conducted various large transfers with multiple unknown addresses, reflecting up to 223 transaction counts.

As reported by U.Today, has also uncovered a mysterious Bitcoin movement between a wallet address that is closely similar to this, and a major US crypto exchange, Kraken.

$90 Million BTC Leaves Binance

The large amount of Bitcoin which appears to have been transferred to a cold wallet suggests that a whale investor or an institution has accumulated the assets to hold for the long-term. This implies that bulls are gradually taking over the market, pointing at further price break outs for Bitcoin and other major cryptocurrencies.

While the motive behind the unexpected transfer of the Bitcoin remains uncertain, large crypto outflows, similar to this, from exchanges often indicate reduced selling pressure, apparently supporting a surge in the price of the cryptocurrency involved.

The transaction which tends to reduce the circulating supply of Bitcoin on Binance marks good news for investors as it signals a potential surge in the price of the coin.

Considering other internal factors that point at Bitcoin trailing a positive trajectory soon, bullish predictions for Bitcoin are on the rise as one suggests that BTC is ready to reach the $90,000 mark soon.

Apart from Bitcoin, other major altcoins are beginning to trade in the green zone although the broad market capitalization saw a decent decline of 1.25% over the last day.

This content was originally published on U.Today