- $130M BTC moved from Binance cold wallet hints at internal fund reallocation.
- Bitcoin exchange outflows persist, reinforcing long-term holding sentiment.
- BTC price dips to $108.8K with rising volume, indicating active but cautious trading.
A large Bitcoin transaction valued at approximately $130.62 million has drawn attention following its detection on the blockchain. The transfer, totaling 1,200 BTC, originated from a Binance cold wallet identified as “1Pzaq” and was sent to a receiving address beginning with “bc1q5rsc4uscnmeml…”. The movement was recorded roughly 40 minutes before the time of reporting and has since triggered speculation about internal fund reallocation activities at the exchange.
Soon after the large inflow, a separate transaction was initiated from the recipient wallet. Approximately 10 minutes later, it sent a minimal amount, 0.00004 BTC or roughly $4.35, back to the same Binance cold wallet.
Blockchain data show that this specific wallet had also received an identical test-sized transaction four months earlier from an unrelated source, valued at around $4.12. These repeated microtransactions show a history of wallet activity likely related to verification or minor functionality testing.
As of now, Binance has not issued any statement clarifying the purpose of the $130 million transfer. However, such internal movements are commonly associated with custodial restructuring, cold wallet rebalancing, or the execution of security protocols across institutional holdings.
Exchange Outflows Continue Across Spot Markets
The whale movement takes place against a backdrop of continued net outflows in the Bitcoin spot market. According to CoinGlass, which tracks net Bitcoin flows across exchanges, data from August through May 28 reveals a prevailing trend of negative exchange flows. The Spot Inflow/Outflow chart during this period consistently shows red bars dominating, indicating that Bitcoin withdrawals from centralized platforms have regularly exceeded deposits.
Source: Coinglass
Early in November and again in late February, the inflow of funds didn’t last long before being reversed. Even though these funds entering the market briefly lifted the price of Bitcoin, the general pattern of withdrawals did not change.
The rise in Bitcoin’s price above $100,000 evidently has not changed investors’ strategy which seems to be mainly cautious or aimed at the long term. With liquidity draining from exchanges, volatility could increase in reaction to sudden market catalysts due to the reduced volume available for trading.
Bitcoin Price Holds Above $108K Despite Downtrend
During the time of writing, Bitcoin’s price recorded a small decline of 0.82% over the past 24 hours, settling at $108,821.31 during the most recent update. The asset saw an intraday high near $109,870 before experiencing downward pressure throughout May 28. Intraday volatility was evident, with price swings between $110,000 and $108,500, and a failed attempt to recover earlier gains.
Though trading volume decreased slightly, trading activity picked up, reaching $52.7 billion which is a 4.12% increase on the previous day. The total market cap of Bitcoin fell a bit to $2.16 trillion, with its fully diluted valuation at $2.28 trillion.
