Someone just withdrew 75 million euros worth of Bitcoin from an exchange…

Last weekend, someone withdrew no less than 1,195 Bitcoin worth around 75 million euros from Binance, the largest cryptocurrency exchange in the world.

This transaction to a previously unknown address attracted a lot of attention within the crypto world. Normally, large trades from exchanges are seen as a positive sign for the Bitcoin price.

Bitcoin in your own wallet

The idea is simple: large investors buy digital coins on exchanges like Binance and then move them to their personal digital wallets to hold them for a longer period of time. The opposite is that these investors put their Bitcoin on exchanges with the intention of selling.

A closer look at the data shows that the exchange’s address “bc1qm34” transferred millions to “1126a” in one go. This address is still quite new and was activated a month ago with a transfer from the same exchange Binance – for 89.668 BTC, worth about 5.6 million euros.

So far, all transactions from this address are related to Binance, just like address “bc1q7.” Simply put: the money only changes between these three addresses.

Secret address known to owner

Further investigation using data from Arkham Intelligence shows that the suspicious address may belong to Ceffu – a platform for institutional investors that stores and trades digital assets.

The second address also appears to belong to this company and functions as a safe. There are now 250,219 BTC worth 15.6 million euros here.

Banner Bitcoin 1

In short, there is no mysterious plot. It seems as if there is simply one platform that moves Bitcoin from a larger trading platform for its own use.

Today is the Bitcoin price decreased by 1.6%. Bitcoin is now only a few percent away from its absolute record price of 67 thousand euros.

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