Whale Who Bought At $97K Moves $20M of BTC to Binance

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A bitcoin whale has transferred more than $20 million worth of BTC to Binance. The transfer has come at a time where several large holders have been shifting funds onto centralized exchanges.

Data from Arkham Intel shows that the wallet "bc1q…kp4n" moved roughly 300 BTC to a Binance deposit address on Tuesday. The address still holds approximately 200 BTC, worth around $14.3 million at current prices.

You can see the transaction ID details in the screenshot from Arkham Intel below: 

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Use the Arkham TXID check tool to verify crypto transactions across all the leading chains in real-time, and gain access to AI-powered insights. 

On-chain data shows that this whale acquired their 500 BTC stack between January and March of 2025. It was valued at about $50 million at the time of purchase. That implies an average entry price of approximately $97K per coin.

With bitcoin currently trading near $71K, any sale executed at today's prices would lock in a significant loss – nearly 30% below the whale's cost basis. However, transfers to exchanges can happen for various reasons, and do not always precede a sale. 

You can set up alerts on Arkham intel that will notify you anytime a whale makes a big transaction. Read our full guide on how to do it here. 

The motivation behind the move is unclear, but it could be an example of risk management or rebalancing into other assets. Some holders also move funds to exchanges to access lending, derivatives, or OTC desks rather than to sell on the open market.

Bitcoin is down substantially from its all-time high of around $126K in October. However, a recent bump after the US and Israel launched an offensive against Iran prompted questions over whether BTC is displaying the characteristics of a safe haven asset. Read our full report into whether BTC is a risk asset or safe haven here.