Thread by @thisisbullish

1/7 Buyers of #Bitcoin with intent to #hodl move #BTC away from exchange -> cold-storage wallets and yesterday we were alerted that 60,000 #BTC 'outflowed' in a single block.

This would be bullish on an unprecedented scale, but is dangerously false instead and here's why… 👇

2/7 First note @Binance responsible for unusually large proportion of the move. I tracked the txs via the alert timestamp and it appears the wallet originally contained 89K #BTC since 2020. 89K #BTC was split up into various @Binance cold-storage wallets—all internal.

3/7 The actual 60K #BTC alert was triggered by the ~58K #BTC here. It was mis-labelled as ‘outflow’ but actually internal cold-storage shuffle.

4/7 The remaining 30K #BTC was caught in many on-chain analytic services as another further 'outflow', but again all internal to @binance.
~20K sits in a new cold-storage wallet.

Note: This move is likely the 2020 one @whale_map points out:

https://twitter.com/whale_map/status/1384096824277958657

5/7 Finally and most bullishly, 11K #BTC has been locked-up in @Binance’s #BTCB wallet; a @Binance Smart Chain, Bitcoin-pegged stablecoin and likely won't be put to market for sale in a good while.

6/7 That explains the 60K, but @Binance was also responsible for much of the spot selling that crushed the Bitcoin price over the weekend—which I intend to get into.

7/7 If you feel this brought you value and you want to know what REALLY happens on-chain—before it happens—my aim is to do this on a full-time basis.
A tip of the sats is massively appreciated and supports me in that aim.

Bitcoin: bc1q3s25swyvfah3x8qr9w0psv3pstrw50qx8lsflf 🍻